ES_F Index Elliott Wave: Resume Higher
|Short Term Elliott Wave view in ES_F Index 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) is proposed complete at 2411.25. Expect Minutte wave (iv) pullback to commence soon to correct cycle from 5/19 low before turning higher one more time to end Minutte wave (v). This last push higher will also complete larger degree Minute wave ((i)).
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 the Index has broken above the previous peak at 2404.5, this gives more added conviction that the it 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 Index 1 Hour Elliott Wave Chart
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