In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of S&P 500 E Mini ES_F. We presented to members at the elliottwave-forecast. In which, the rally from the 31 May 2024 low unfolded as an impulse structure and showed a green right side tag. Suggested that the index should see more upside extension to complete the impulse sequence. Therefore, we advised members not to sell the index & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
S&P 500 E Mini ES_F 1-Hour Elliott Wave Chart From 7.01.2024
Here’s the 1-hour Elliott wave chart from the 7.01.2024 New York update. In which, the short-term cycle from the 5.31.2024 low ended in wave ((i)) as impulse at $5588 high. Down from there, the index made a pullback in wave ((ii)) to correct that cycle. The internals of that pullback unfolded as Elliott wave flat structure where wave (a) ended at $5510.25 low. Wave (b) bounce ended at $5585 high and wave (c) managed to reach the blue box area at $5506.88- $5458.42. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
S&P 500 E Mini ES_F Latest 1-Hour Elliott Wave Chart From 7.09.2024
This is the latest 1-hour Elliott wave Chart from the 7.09.2024 London update. In which the index is showing a reaction higher taking place, right after ending the flat correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. Since then the index has already made a new high above the previous peak confirming the next extension higher. However, it’s important to note that with further data we have adjusted the count slightly into a lesser degree.
Source: https://elliottwave-forecast.com/stock-market/sp-500-e-mini-es_f-perfect-reaction/