Elliott wave view in S&P 500 Futures (ES_F) suggests that the Index ended wave (W) at 2729.56 on June 4. This ended the decline which started from May 1 high as a 3 waves zigzag Elliott Wave structure. The Index is correcting cycle from May 1 high in wave (X) in 3, 7, or 11 swing. The internal of wave (X) rally is unfolding as a zigzag Elliott Wave structure. A zigzag is an ABC with 5-3-5 structure. Wave A is currently in progress as a 5 waves impulse.
Up from 2729.56, wave ((i)) ended at 2755.75, wave ((ii)) ended at 2744, wave ((iii)) ended at 2824.75, and wave ((iv)) ended at 2801. The Index can see 1 more leg higher in wave ((v)) before ending wave A. Afterwards, it should pullback in wave B to correct cycle from June 4 low (2729.56) in 3, 7, or 11 swing before turning higher again in wave C. We don’t like selling the Index. As the rally from June 4 low is impulsive, expect wave B pullback to hold above 2729.56 for at least 1 more push higher in wave C.
S&P 500 Futures (ES_F) 1 Hour Elliott Wave Chart
