SP500 E-Mini (ES) looking to extend higher [Video]

Short Term Elliott Wave View on S&P 500 E-Mini (ES) below shows that the Index ended wave 3 at 4206.25 and pullback in wave 4 is proposed complete at 4062.25. This view will get validation if the Index manages to break above wave 3. Internal subdivision of wave 4 unfolded as a  double three Elliott Wave structure . Down from wave 3, wave (a) ended at 4176.25 and rally in wave (b) ended at 4191.50. Index resumed lower in wave (c) towards 4105.50 and this completed wave ((w)). Index then corrected in wave ((x)) towards 4167 with internal subdivision as a zigzag. Up from wave ((w)), wave (a) ended at 4154.5 and pullback in wave (b) ended at 4130.75. Wave (c) higher ended at 4167 which completed wave ((x)).

$ES 60 minutes Elliott Wave chart

Index resumed lower again in wave ((y)) with internal subdivision as a zigzag. Down from wave ((x)), wave (a) ended at 4075.5 and wave (b) rally ended at 4118. Index then resumes lower in wave (c) towards 4062.25 which completed wave ((y)) of 4. Index has since turned higher in wave 5 with internal subdivision as a 5 waves impulse. Up from wave 4, wave ((i)) ended at 4163.25. Pullback in wave ((ii)) ended at 4112.25 with internal structure of an expanded flat Near term, as far as pivot at 4062.25 low stays intact, expect the Index to extend higher.

$ES Elliott Wave video

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.