S&P 500 E-Mini (ES_F) Elliott Wave: Forecasting the future path

In this technical article, we’re going to take a quick look at the Elliott Wave charts of the S&P 500 E-Mini (ES_F Futures) , published in the members area of the website.

As our members know, $ES_F recently provided a solid trading setup. The main outlook remains bullish, with the market currently correcting the cycle from the August 5812.28 low.

In this article, we’ll explain our forecast and the best way to approach trading $ES_F.

ES_F Elliott Wave one-hour chart 01.27.2025

Futures show an impulsive decline from the peak. Consequently, we assume that the price is nearing the completion of the first leg of a deeper wave 2 (red) pullback, unfolding as a Zig-Zag pattern. We expect to see a three-wave bounce in ((b)), followed by another leg down in wave 2 (red). The final target for wave 2 (red) will depend on how far wave ((b)) extends to the upside.

ES_F Elliott Wave one-hour chart 02.02.2025

$ES_F has completed a clear five-wave decline from the peak—((a)) in black—followed by a three-wave bounce in ((b)), as anticipated. The market is now likely in the final ((c)) leg of the correction.As long as the price remains below the 6148.21 peak, $ES_F  can see a drop toward the 5934.5–5884 area to complete wave 2 (red) before resuming the larger trend.

If you’re not already long and risk-free from the previous blue box area, the best approach to trading $ES_F would be to wait for a break above the 1 red peak. Once that happens, we can look for an intraday pullback to buy the dips in the 3, 7, and 11 swings.