In this technical blog, we will analyze the past performance of the 1-hour Elliott Wave Charts of S&P 500 E Mini ES_F. The rally from the 31 May 2024 low unfolded as an impulse structure, showing a green right side tag. This suggested that the index should see more upside extension to complete the impulse sequence. Members were advised not to sell the index and to buy the dips in 3, 7, or 11 swings at the blue box areas.
The 1-hour Elliott Wave chart from the 7.01.2024 New York update shows that the short-term cycle from the 5.31.2024 low ended in wave ((i)) as an impulse at $5588 high. A pullback in wave ((ii)) corrected that cycle, unfolding as an Elliott wave flat structure where wave (a) ended at $5510.25 low. The index bounced in wave (b) to $5585 high before wave (c) reached the blue box area at $5506.88-$5458.42, where buyers were expected to appear for the next leg higher or a minimum 3 wave bounce.
In the latest 1-hour Elliott wave chart from the 7.09.2024 London update, the index shows a reaction higher after ending the flat correction within the blue box area. Members were able to create a risk-free position shortly after taking a long position at the blue box area. The index has already made a new high above the previous peak, confirming the next extension higher. However, it’s important to note that with further data, the count has been adjusted slightly into a lesser degree.
Overall, the Elliott Wave analysis of the S&P 500 E Mini ES_F indicates a bullish trend with potential upside extension. Members were advised to buy the dips at specific blue box areas to capitalize on the rally. The recent price action has confirmed the next leg higher, suggesting more upside potential for the index. Adjustments to the wave count have been made based on new data, reflecting the dynamic nature of Elliott Wave analysis in predicting market movements.
In conclusion, the Elliott Wave forecast for the S&P 500 E Mini ES_F has been accurate in predicting the bullish trend and advising members on trading opportunities. By utilizing Elliott Wave analysis, traders can make informed decisions on when to enter or exit positions based on market structure and wave patterns. The recent performance of the index following the analysis highlights the effectiveness of this technical tool in navigating the complexities of the financial markets.
