S&P 500 E-Mini Futures (ES) rally from February 1, 2021 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from February 1  low, wave 1 ended at 3959.25 and pullback in wave 2 ended at 3720.5. The Index extends higher in wave 3 towards 4211 as the 45 minutes Elliott Wave chart below shows. Wave 4 pullback is proposed complete at 4120.4. The Index still needs to break above wave 3 at 4211 to avoid a double correction.

Internal of wave 4 unfolded as a zigzag Elliott Wave structure. Down from wave 3, wave ((a)) ended at 4168. Wave ((b)) correction ended at 4184.5 as a running triangle. Wave (a) of the triangle ended at 4209, wave (b) at 4167.25, wave (c) at 4202.5, wave (d) at 4171, and wave (e) of ((b)) ended at 4184.50. Index then resumed lower in wave ((c)) and completed wave 4 at 4120.41. Index has turned higher in wave 5. Up from wave 4, wave ((i)) ended at 4179 and pullback in wave ((ii)) is unfolding as an expanded flat. Near term, as far as pivot at 4120.4 low remains intact, expect dips to find support for further upside.

ES 45 Minutes Elliott Wave Chart

S&P 500 E-Mini Futures (ES) Elliott Wave Video

Short term Elliott wave view in S&P 500 E-mini Futures (ES) suggests the rally from March 5 low is unfolding as a 5 waves impulsive Elliott Wave structure. Up from March 5 low, wave ((i)) ended at 3978.5 and dips in wave ((ii)) ended at 3843.25. Index resumes higher in wave ((iii)) towards 4183.50 and pullback in wave ((iv)) ended at 4110.75.

Internal of wave ((iv)) unfolded as a double zigzag structure. Down from wave ((iii)), wave a ended at 4160.75, wave b ended at 4174.75, and wave c ended at 4141.75. This completed wave (w) of the double zigzag. Bounce in wave (x) ended at 4167.25. Down from there, another zigzag formed where wave a ended at 4131, wave b ended at 4151, and wave c ended at 4109.94. This completed wave (y) of the double zigzag and also wave ((iv)) in higher degree.

Index completed wave ((iv)) at the blue box where wave (y) = 100% – 161.8% Fibonacci extension of wave (w). The short term rally looks impulsive so far favoring further upside. Up from wave ((iv)), wave i ended at 4132.25 and dips in wave ii ended at 4114.75. Index then resumes higher in wave iii towards 4167.25 and wave iv ended at 4153.5. Expect 1 more push higher to end wave v of (i). Index should then pullback in wave (ii) to correct cycle from April 20 low before the rally resumes. As far as pivot at 4109.94 stays intact, expect dips to find support in 3, 7, or 11 swing for more upside.

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

S&P 500 E-Mini Futures (ES) Elliott Wave Video

Short term Elliott wave view in S&P 500 (SPX) suggests the rally from March 5, 2021 low is unfolding as a 5 waves impulsive structure. Up from March 5 low, wave ((i)) ended at 3983.87 and wave ((ii)) pullback ended at 3853.50. Internal of wave ((ii)) unfolded as a double three where wave (w) ended at 3886.75, wave (x) ended at 3955.31, and wave (y) ended at 3853.50.

Index then resumed higher in wave ((iii)) which subdivides into another impulsive structure in lesser degree. Up from wave ((ii)) low, wave (i) ended at 3981.83 and wave (ii) pullback ended at 3944.04. Index resumes higher again in wave (iii) towards 4086.23 and pullback in wave (iv) ended at 4068.14.

Near term, expect wave (v) of ((iii)) to end soon. Index should then pullback in wave ((iv)) to correct cycle from March 25 low before the rally resumes. Wave ((iv)) pullback should ideally reaches 23.6 – 38.2% Fibonacci retracement of wave ((iii)). The pullback area can start to be measured once we know where wave ((iii)) ends. As far as wave ((ii)) pivot at 3853.50 remains intact, expect pullback to continue finding support in 3, 7, or 11 swing for further upside. The right side in the Index remains higher (bullish).

SPX 1 Hour Elliott Wave Chart

S&P 500 (SPX) Elliott Wave Video

Elliott Wave View suggests that since forming the low in March 2020, S&P E-Mini Futures (ES) has rallied in an impulse Elliott Wave structure. Rally to 3959.25 ended wave ((3)) and pullback in wave ((4)) is proposed complete at 3721.55 as a double three structure. Down from wave ((3)), wave (W) ended at 3804.75, rally in wave (X) ended at 3934.50, and decline to 3721.55 ended wave (Y).  Index ended wave ((4)) at the 100% – 161.8% Fibonacci extension from wave ((3)) high at 3683.81 – 3779.53 blue box area.

Index has since rallied higher from the blue box area in wave ((5)). However, it still needs to break above wave ((3)) high at 3959.25 to rule out a double correction in wave ((4)). Up from wave ((3)), wave ((i)) ended at 3814.50 and pullback to wave ((ii)) ended at 3728.50. Index then rallied higher again in wave ((iii)) towards 3866.25 and pullback in wave ((iv)) ended at 3796.25. Final leg higher wave ((v)) ended at 3878.75 which also completed wave 1. Near term, while pullback stays above March 5 low (37321.5) in the first degree, expect dips to find support for more upside.

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

S&P E-Mini Futures (ES) Elliott Wave Video

Short Term Elliott Wave view in S&P 500 (SPX) suggests the Index ended wave 1 at 3726.70 and pullback in wave 2 ended at 3636.48. Internal of wave 2 unfolded as a zigzag. Wave ((a)) ended at 3685.84, wave ((b)) ended at 3716.65, and wave ((c)) ended at 3636.48. Index has resumed higher in wave 3 with the internal subdivision as a 5 waves impulse. Up from wave 2 low, wave (i) ended at 3679.99 and dips in wave (ii) ended at 3662.71. Index then resumed higher in wave (iii) towards 3824.40, and pullback in wave (iv) ended at 3783.60. Final leg higher wave (v) ended at 3826.69. This completed wave ((i)) in larger degree.

Wave ((ii)) pullback ended at 3750.40 and the Index has resumed higher again. Up from wave ((ii)), Index rallies in a short term impulsive structure and can see one more high before ending wave (i). It should then pullback in wave (ii) to correct cycle from January 15 low before the rally resumes. As far as wave ((ii)) pivot at 3750.4 stays intact, expect dips to find support in 3, 7, or 11 swing for more upside.

S&P 500 (SPX) 45 Minutes Elliott Wave Chart

SPX Elliott Wave Video

S&P 500 E-Mini Futures (ES) cycle from November 10 low is unfolding as a 5 waves diagonal Elliott Wave structure. In the 45 minutes below, we can see wave ((iii)) of this diagonal ended at 3714.75 and dips in wave ((iv)) ended at 3620.75. Internal subdivision of wave ((iv)) unfolded as a double three structure. Down from wave ((iii)) at 3714.75, wave (w) ended at 3659.5, bounce in wave (x) ended at 3681.25, and final leg wave (y) of ((iv)) ended at 3620.75.

Index turned higher from the 100% – 123.6% fibonacci extension area of the (w)-(x), as denoted by the blue box. Wave ((v)) is currently in progress and subdivides in another 5 waves in lesser degree. Up from wave ((iv)) at 3620.55, wave (i) ended at 3691.50 and pullback in wave (ii) ended at 3636.25. Pair then resumed higher in wave (iii) towards 3717.50. Dips in wave (iv) is in progress to correct cycle from December 15 low before it resumes higher again. As far as wave ((iv)) low pivot at 3620.55 stays intact, Index can see 1 more push higher to end wave ((v)). Afterwards, Index could end at least cycle from November 10 low as a diagonal then see larger degree pullback in 3 waves before the rally resumes.

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

S&P 500 E-Mini Futures (ES) Elliott Wave Video