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Elliott Wave View: S&P 500 E-Mini Futures (ES) Short Term Support Area

Short Term Elliott Wave in S&P 500 E-Mini Futures (ES) suggests the rally from September 25, 2020 low remains ongoing as a 5 waves impulse Elliott Wave structure. In the 45 minutes chart below, we can see wave (4) of this impulsive rally ended at 4223.53. The Index has resumed higher within wave (5) with internal subdivision of another impulse in lesser degree.

Up from wave (4), wave ((i)) ended at 4338.5 and pullback in wave ((ii)) ended at 4315.50. Index then resumes higher in wave ((iii)) towards 4408.25 and dips in wave ((iv)) ended at 4375.50. Final leg higher wave ((v)) ended at 4416.75 and this completed wave 1 in higher degree. Wave 2 pullback is currently in progress to correct cycle from July 20, 2021 low. The internal subdivision of the pullback is unfolding as a double three Elliott Wave structure. Down from wave 1, wave ((w)) ended at 4364.75, and rally in wave ((x)) ended at 4407.75. Expect wave ((y)) of 2 to end at 4323.4 – 4355.7 blue box area before the Index resumes higher again. Near term, as far as July 20 pivot low at 4223.53 remains intact, expect the Index to find support and extends to new high.

S&P 500 E-Mini Futures 45Minutes Elliott Wave Chart

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