The Short Term Elliott Wave View in S&P 500 Futures (ES) suggests that the cycle from the low on 8th May 2024 is currently in progress as a 5-wave impulse. The Index has been moving higher, with wave 1 ending at 5669.75 and wave 2 ending at 5394. Wave 3 extended towards 5830, followed by a pullback in wave 4 which ended at 5724. The internal subdivision of wave 4 unfolded as a zigzag structure, with wave ((a)) ending at 5756.2, wave ((b)) ending at 5822.50, and wave ((c)) lower ending at 5724, completing wave 4 in a higher degree.
On the 60-minute Elliott Wave chart for S&P 500 futures (ES), the Index has resumed moving higher in wave 5. After wave 4, wave (i) ended at 5808, followed by a pullback in wave (ii) ending at 5725.25. Wave (iii) higher ended at 5846.50, with a pullback in wave (iv) ending at 5811.50. The final leg, wave (v), ended at 5918.50, completing wave ((i)) in a higher degree. The correction in wave ((ii)) is proposed to be complete at 5850, with an internal subdivision as a zigzag structure. The Index then continued higher in wave ((iii)), with wave (i) ending at 5927.25. In the near term, as long as the pivot at 5724.01 low remains intact, any pullback is expected to find support in 3, 7, or 11 swings for further upside.
Overall, the Elliott Wave analysis suggests that S&P 500 Futures (ES) are currently in a bullish phase, with the Index likely to continue its upward trajectory. The completion of wave 4 in higher degree and the subsequent move higher in wave 5 indicate a positive outlook for the Index. The internal subdivision of the waves also provides a clear structure for traders to analyze and anticipate future price movements. As long as key support levels hold, further upside is anticipated in the near term.
Traders and investors can use the Elliott Wave analysis as a tool to identify potential entry and exit points in the S&P 500 Futures (ES) market. By understanding the wave patterns and the probable next moves based on Elliott Wave theory, traders can make informed decisions on when to buy or sell the Index. The clear wave count and structure provided in the analysis offer a roadmap for traders to navigate the market and capitalize on potential opportunities.
In conclusion, the Short Term Elliott Wave View in S&P 500 Futures (ES) points towards a bullish outlook for the Index, with the completion of wave 4 and the subsequent move higher in wave 5. Traders should monitor key support levels for any potential pullbacks and use the wave patterns to anticipate future price movements. By utilizing Elliott Wave analysis, traders can gain a deeper understanding of market dynamics and make well-informed trading decisions in the S&P 500 Futures (ES) market.
