Elliott Wave View on S&P 500 Futures (ES) Looking to Resume Higher – Action Forex

Short Term Elliott Wave view in S&P 500 Futures (ES) suggests that rally to new all time high on 12.16.2024 at 6163.75 ended wave ((3)). Pullback in wave ((4)) is proposed complete at 5808.4 as the 1 hour chart below shows. Internal subdivision of wave ((4)) unfolded in a double three structure. Down from wave ((3)), wave (W) ended at 5866 and wave (X) ended at 6107.5. Wave (Y) lower ended at 5809 which completed wave ((4)).

The Index has turned higher in wave ((5)), but it still needs to break above wave ((3)) at 6163.75 to rule out a double correction. Up from wave ((4)), wave ((i)) ended at 5918.5 and wave ((ii)) pullback ended at 5842.50. Index nested higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 5898.75 and pullback in wave (ii) ended at 5848.75. Wave (iii) higher ended at 6017.50 and pullback in wave (iv) ended at 5961.75. Final leg wave (v) ended at 6078.25 which completed wave ((iii)). Dips in wave ((iv)) ended at 5994.5. Expect wave ((v)) to complete soon which should end wave 1 in higher degree. Afterwards, it should pullback in wave 2 to correct cycle from 1.13.2025 low in 3, 7, or 11 swing before it resumes higher.

S&P 500 Futures (ES) 60 Minutes Elliott Wave Chart