Forecasting the rally after three waves pull back

In this technical article we’re going to take a look at the Elliott Wave charts charts of ES_F  (E-mini S&P) published in members area of the website.  As our members know ES_F is showing impulsive bullish sequences in the cycle from the 4124.4 low. Recently  ES made 3 waves pull back in wave ((iv)) black. The futures found buyers and made rally toward new highs as expected . In further text we’re going to explain the  Elliott Wave pattern  and forecast.

ES_F H1 update 12.07.2023

ES_F is doing correction wave ((iv)).  The structure still looks incomplete at the moment when we still could be trading in wave (y) of potential double three pattern. We see possibility of price making extension down toward 4543.9-5410.2 area ( buyers zone) before turn happens. As overall view is bullish, we don’t recommend selling and favor the long side. We expect ES Futures to make a rally toward new highs ideally.

ES_F H1 update 12.08.2023

ES Futures completed wave ((iv)) recovery early at 4548.7 low. It missed to reach proposed buyers zone at 4543.9-5410.2. We got rally in ((v)) breaking toward new highs as expected. As far as the pivot at 4548.7 low holds, we can see more short term strength within the same cycle.