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ES_F Elliott Wave View: 2431- 2451 In Focus

|Includes: SPDR S&P 500 Trust ETF (SPY)

Short Term Elliott Wave view in $ES_F E-Mini S&P suggests that the rally from 5.18.2017 (2344.5) low is unfolding as a 5 waves Elliott Wave impulse structure where Minutte wave ( i ) ended at 2375, Minutte wave ( ii ) ended at 2361, and Minutte wave ( iii ) remains in progress and can reach 2423.13 or 161.8% fibonacci extension of Minutte wave ( i ). Expect Minutte wave ( iv ) pullback to start once Minutte wave ( iii ) is over before turning higher one more leg in Minutte wave ( v ) towards blue box area at 2431-2451.

$ES_F 4 Hour chart looking for 2431 - 2451 area

$ES_F 1 Hour Elliott Wave Analysis 5.26.2017

Highlighted area between 2431 - 2451 should complete an Elliott wave Zigzag structure from 3.27.2017 (2318.05) low or it could complete Minute wave ((iii)) of a incomplete diagonal pattern. In either case, from the blue box area, $ES_F would either correct the cycle from 3.27.2017 flow or just correct the cycle from 5.18.2017 2344.5 low in a wave ((iv)) and extend higher in wave ((v)) to complete a diagonal structure higher from 3.27.2017 low. Either way, we don't like selling the Index in proposed pullbacks and expect buyers to appear again once $ES_F ends the current cycle between 2431 - 2451 area and then pull back in 3, 7 or 11 swings provided that the pivot at 2344.7 low remains intact in first degree and 2318 low in the second degree.

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