ES Short term Elliott Wave view suggests that the rally to 2669.73 ended Minute wave ((a)) higher of a zigzag Elliott Wave structure. Then the decline to 2651.94 low ended Minute wave ((b)) pullback as expanded flat structure. Where Minutte wave (a) ended at 2656.10, Minutte wave (b) ended at 2671.81 and Minutte wave (c) of ((b)) ended at 2651.94 low.
Above from there, the index is showing a strong rally to the upside and structure looks to be unfolding as an impulse Elliott Wave structure in Minute ((c)) leg higher of a zigzag structure. Where Minutte wave (i) ended at yesterday’s peak at 2694.62 in 5 waves and below from there Minutte wave (ii) pullback remains in progress to correct the cycle from 12/14 low 2651.94 low in 3, 7 or 11 swings. Near-term focus remain towards 2690.21-2686.60 100%-161.8% Fibonacci extension area to end the 3 waves back from the peak and see the buyer’s there for new highs ideally provided the pivot at 2651.94 low stays intact or should do a 3 wave bounce at least. We don’t like selling it and favors buying the Minutte wave (ii) pullback in 3, 7 or 11 swings as far as a pivot from 12/14 low 2651.94 low remains intact.
ES 1 Hour Elliott Wave Chart
