A short-term Elliott Wave view of the E-mini S&P 500 futures (ES) suggests an ongoing rally from the March 13, 2023 low as the 5-wave impulse Elliott Wave structure. Up from a low of 3.13, the wave ((i)) ended at 4206.25 and the wave down ((ii)) ended at 4062.25. The index rises towards 4493.75 in wave ((iii)). The pullback of the wave ((iv)) was completed at 4368.59, with an internal split as a zigzag structure.
Descending from wave ((iii)), wave i ended at 4410.5 and wave ii ended at 4444.75. The index then fell again in the third wave, towards 4403.5, and ended the fourth wave rise at 4430.75. The bottom wave v of the last leg finished with a 4393, completing wave (a). The index then rose towards 4427 in wave (b) and wave (c) descended at 4368.59, completing wave ((iv)) to a higher degree. The index turned upward in waves ((v)). Up from wave ((iv)), wave i finished at 4387.75 and wave ii pulled back at 4371.50. The index then resumed its rise with a third wave towards 4424.75, ending the fourth wave of declines at 4407. In the short term, we expect the index to move higher as long as the 4368.59 low pivot holds.
S&P 500 Futures (ES) Hourly Elliott Wave Chart
ES_F Elliott Wave Video
