Elliott Wave View: S&P 500 E-Mini Futures (ES) Soon to End 5 Wav

13 sept 2022

Short term Elliott Wave view on S&P 500 E-mini Futures (ES) suggests pullback from 8.17.2022 high is in progress as a zigzag Elliott Wave structure. Down from 8.17.2022 high, wave A ended at 3903.50. Wave B rally is currently in progress to correct cycle from 8.17.2022 high before the Index turns lower. Internal subdivision of wave B is unfolding as an expanded Flat structure. Expanded flat is a 3-3-5 structure. Up from wave A low at 3903.50, wave (a) ended at 3974.25, wave (b) ended at 3955.25, and wave (c) ended at 4019.25. This completed wave ((a)) of the expanded flat.

Wave ((b)) pullback ended at 3883.72 also in 3 swing. Down from wave ((a)), wave (a) ended at 3906, wave (b) ended at 3911.75, and wave (c) ended at 3883.72. This completed wave ((b)) in higher degree. ES has rallied higher in wave ((c)) as 5 waves. Up from wave ((b)), wave (i) ended at 3996 and wave (ii) ended at 3942.75. Wave (iii) ended at 4143. Wave (iv) pullback is in progress and while pivot at 3883.72 stays intact, Index still can see 1 more push higher to end wave (v) of ((c)). This should complete wave B in higher degree and end correction to cycle from 8.17.2022 high before turning lower again.