S&P 500 E-Mini (ES_F) Elliott Wave: Forecasting the Rally From Equal Legs Zone

Hello traders ! 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 pulled back and found buyers at the equal legs area. The main outlook remains bullish. Here’s our Elliott Wave Forecast and what to expect next.

ES_F Elliott Wave 1  Hour  Chart 02.02.2025

$ES_F has made a clear five-wave decline from the peak—((a)) in black—followed by a three-wave bounce in ((b)), as expected. Since the decline unfolded in 5 waves, we assume ES_F completed only the first leg of a deeper Zig Zag pattern. As long as the price remains below the 6148.21 peak, $ES_F is likely now in the final ((c)) leg of the correction. We expect the decline toward the 5935–5884 area to complete wave 2 (red) before the larger trend resumes.

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ES_F Elliott Wave 1  Hour  Chart 02.14.2025

ES_F made another leg down, following a 5-wave structure toward the extreme zone. It found buyers and turned higher as expected. Now, we’d like to see a break above the January 24th peak, which will confirm further extension to the upside. The futures should ideally remain supported as long as the pivot at the 5935 low holds.

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Source:  https://elliottwave-forecast.com/stock-market/sp-500-e-mini-es_f-elliott-wave-3/