S&P 500 E-Mini Futures (ES_F) broke above last week’s high at 2635.75 and shows incomplete sequence from 3.23 low, favoring further upside in near term. Short Term Elliott Wave suggests the rally from 3.23 low (2174) is unfolding as Elliott Wave zigzag structure. Up from 3.23 low, wave ((A)) ended at 2634.5.

Internal of wave ((A)) unfolded as 5 waves impulse where wave (1) ended at 2386 and wave (2) ended at 2179.5. Index resumed higher again in wave (3) towards 2560.75, and wave (4) ended at 2402.25. The last leg wave (5) ended at 2634.5 which also completed wave ((A)). Pullback in wave ((B)) unfolded as an Expanded Flat structure. Wave (A) ended at 2445, wave (B) ended at 2635.75, and wave (C) of ((B)) ended at 2426.27.

Wave ((C)) remains in progress as 5 waves impulse where wave (1) ended at 2523, and wave (2) ended at 2449. Near term, while dips stay above 2426.27, expect Index to extend higher within wave (3). It should then pullback in wave (4) then extend higher again in wave (5) of ((C)). Potential target for wave ((C)) is 100% – 123.5% Fibonacci extension from 3.23 low which comes at 2888 – 2997.

S&P 500 Futures (ES_F) 1 Hour Elliott Wave Chart

 

S&P 500 Futures (ES_F) Elliott Wave Video

Short Term Elliott Wave view in S&P 500 (SPX) suggests that cycle from February 20, 2020 high has ended at 2199.5 low as wave a. Internal of wave a unfolded as a 5 waves impulse Elliott Wave structure. Down from February 20 high, wave ((1)) ended at 2855.84 and wave ((2)) bounce ended at 3136.72. The Index then resumed lower in wave ((3)) towards 2280.52 with internal also unfolding as 5 waves in lesser degree.

Down from wave ((2)) at 3136.72, wave (1) of ((3)) ended at 2976.63 and wave (2) of ((3)) bounce ended at 3130.97. Wave (3) of ((3)) ended at 2734 and correction in wave (4) of ((3)) ended at 2882.59. Final move wave (5) of ((3)) ended at 2280.52. Index then corrected in wave ((4))  which ended at 2466.97. Finally, wave ((5)) of a is proposed complete at 2199.5.

SPX has started to recover and the initial rally looks to be unfolding as a 5 waves which should end wave ((A)). It should then pullback in wave ((B)) before turning higher again 1 more leg in wave ((C)) of b. Near term, while pullback stays above 2199.5, expect the Index to extend higher at least 1 more leg.

S&P 500 (SPX) 1 Hour Elliott Wave Chart

 

SPX (S&P 500) Elliott Wave Video

Short term Elliott Wave view in S&P 500 (SPX) suggests cycle from February 19, 2020 high is unfolding as a double three Elliott Wave structure.  Down from February 19, 2020 high, wave ((W)) ended at 2855 low. The bounce in wave ((X)) ended at 3136 high.  From there, the Index has extended lower and broken below previous wave ((W)) low. The Index now has a bearish sequence. Wave ((Y)) is unfolding as a zig-zag. Wave (A) of ((Y)) ended at 2734 low. The internal subdivision of wave (A) unfolded as a 5 waves impulse Elliott Wave structure. Wave 1 ended at 2901 low and the bounce in wave 2 ended at 2985 high. The index then extended lower in wave 3, which ended at 2752 low and followed by a bounce in wave 4, which ended at 2838 high. The index then pushed lower in wave 5 and ended at 2734 low.

Up from that low, the Index bounced in wave (B) as a flat and ended at 2885 high. Currently, the Index has broken below wave (A) low to confirm wave (C) is in progress. Wave 1 of (C) ended at 2760 low and wave 2 bounce ended at 2804 high. While below 2885 high, expect the bounce in 3,7, or 11 swings to fail and SPX to continue to extend lower. The 100% – 161.8% Fibonacci extension of wave ((W))-((X)) which comes at 2260-2596 area can slow down the decline. The index then can consolidate and can possibly bounce in 3 waves at least from that area. However, if the Index breaks below 1.618 extension (2260), the decline risks becoming 5 waves down and the Index can continue to see more downside.

SPX 1 Hour Elliott Wave Chart

SPX Elliottwave Video

Short term Elliott Wave view in E-mini S&P 500 (ES_F) suggests the Index ended the cycle up from June 3, 2019 low in wave ((3)) at 3397.50 high. The index is correcting that cycle in wave ((4)) as a double correction.  Wave A of (W) ended at 3339.50 low. The bounce in wave B ended at 3375 high. It then resumed lower in wave C, which ended at 3213.75 low. The index then bounced higher in wave (X) and ended at 3261.50 high.

Down from wave (X) high, the index resumed lower in wave A of (Y) and ended at 3091 low.  The internal subdivision of wave A unfolded as a 5 waves impulse Elliott Wave structure. Wave ((i)) ended at 3220.25 low. It then bounced in wave ((ii)) and ended at 3247.25 high. From there, wave ((iii)) extended lower and ended at 3117.25 low and wave ((iv)) bounce ended at 3158.50 high. The index then resumed lower and ended wave ((v)) at 3091 low. Up from wave A low, wave B bounced higher and ended at 3182 high. Currently, the index is continuing lower in wave C of (Y). Wave ((i)) remains in progress followed by a bounce in wave ((ii)) later.  While below 3261.50 high, the bounce in 3,7, or 11 swings is expected to fail. The index can see more downside to complete wave ((4)) correction before upside resumes. Potential area to end wave C of ((4)) is 100% – 123.6% Fibonacci extension of wave A-B which comes at 2974-3014 area.

E-mini S&P 500 (ES_F) 1 Hour Elliott Wave Chart

E-mini S&P 500 (ES_F) 1 Hour Elliott Wave Video