• 9 hours Americans Are Counting On Another COVID Stimulus Check
  • 16 hours What's Next For Hong Kong?
  • 1 day Bitcoin Fails To Stay Above $10,000
  • 2 days Bill Gates And Big Oil Chase The Dream Of Nuclear Fusion
  • 2 days Top Jeweler To Use Only Recycled Gold And Silver
  • 2 days America’s Multi-Front Meltdown
  • 3 days Gold Up As U.S. Civil Unrest Escalates
  • 3 days How BlackRock Became King Of ESG Investing
  • 3 days Americans Don’t Care if TikTok Is A Security Threat
  • 5 days What’s Next In The Trump vs. Twitter Drama?
  • 6 days Escalating Tensions Could Crush $52 Billion China-U.S. Energy Deal
  • 6 days The Fed Is Printing Money At Unprecedented Levels
  • 6 days How Is The Real Estate Market Handling COVID-19?
  • 6 days Gold Flat As Markets Await Fed Chair Speech
  • 7 days What Is Day Trading And Is It Right For You?
  • 7 days Energy CEOs See Big Payouts Despite Oil Price Crash
  • 7 days Saudi Arabia Is Fighting A War On Two Fronts
  • 7 days 40 Million Jobless As Pandemic Fuels Economic Collapse
  • 7 days What Do India's Latest Reforms Mean For Its Coal Industry?
  • 7 days Copper Glut Continues To Grow
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to…

Contact Author

  1. Home
  2. Markets
  3. Other

ES_F E-Mini S&P500; Elliott Wave: Pullback Near

Short Term Elliott Wave view in ES_F E-Mini S&P500 suggests the rally to 2403.75 ended Minor wave A. Minor wave B unfolded as an Expanded Flat Elliott Wave structure where Minute wave ((a)) ended at 2379, Minute wave ((b)) ended at 2404.5, and Minute wave ((c)) of B ended at 2344.5. After ending the pullback, the Index started a new leg higher and the rally from 2344.5 low looks to be unfolding as a 5 waves Elliott Wave impulse structure where Minutte wave (i) ended at 2375, Minutte wave (ii) ended at 2361, and Minutte wave (iii) remains in progress and can reach 2423.13 or 161.8% fibonacci extension of Minutte wave (i). Expect Minutte wave (iv) pullback to start once Minutte wave (iii) is over before turning higher one more leg in Minutte wave (v). This last push higher will also complete larger degree Minute wave ((i)) and as impulse, it should be accompanied with momentum divergence.

Once Minute wave ((i)) is complete, the Index should pullback within Minute wave ((ii)) in 3, 7, or 11 swing to correct cycle from 5/18 low (2344.7) before the rally resumes again. As ES_F E-Mini S&P500 has broken above the previous peak at 2404.5, it gives more conviction that the Index has started the next leg higher and thus pullback can likely hold above 2344.7 for more upside. We don’t like selling the proposed pullback and expect buyers to appear again once Minute wave ((ii)) pullback is complete at later stage, provided that pivot at 2344.7 low remains intact.

ES_F E-Mini S&P500 1 Hour Elliott Wave Chart


Back to homepage

Leave a comment

Leave a comment