S&P500 E-Mini Futures ticker symbol: $ES_F Elliott wave view suggests that the pullback to $2803.34 low ended Minor wave 2. Up from there, the rally higher to $2917.50 high ended Minute wave ((i)). The internals of that rally higher unfolded as impulse structure with the sub-division of 5 waves structure in it’s each leg higher i.e Minutte wave (i), (iii) & (v).
Up from $2803.34 low, the initial rally to $2874 high ended Minutte degree wave (i) in 5 waves structure. Down from there, the 3 waves pullback to $2846.25 low ended Minutte wave (ii). A rally higher from there ended Minutte wave (iii) in another 5 waves structure at $2906.25 high. Below from there, a pullback to $2894.25 low ended Minutte wave (iv). Then finally a rally to $2917.50 high ended Minutte wave (v) & also completed the Minute wave ((i)). Currently, the instrument is doing a Minute wave ((ii)) pullback against $2803.34 low in 3, 7 or 11 swings before further upside is seen. Near-term focus remains towards $2869.25-$2849.61, which is 100%-161.8% Fibonacci extension area of Minutte wave (w)-(x) to end the short-term correction. Index should find buyers from there looking for another extension higher or for minimum 3 waves reaction higher. We don’t like selling it as the right side tag & bullish sequence calling index higher.