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Spx500long

Elliott Wave View: More Upside in S&P 500 Futures (ES_F)Elliott wave view in S&P 500 Futures (ES_F) shows a bullish sequence from December 26, 2018 low favoring further upside. In the short term chart below, the pullback to June 27 low (2914.5) ended wave ((ii)). Wave ((iii)) remains in progress as an impulse Elliott Wave structure looking for more upside. Up from June 27 low, wave (i ) ended at 2981.75 with subdivision as another impulse in lesser degree. Wave i of (i) ended at 2944.75 and wave ii of (i) pullback ended at 2935. Index then resumes higher in wave iii of (i) towards 2977.5, wave iv of (i) ended at 2963 and wave v of (i) ended at 2981.75. Wave (ii) pullback ended at 2955.5. Wave (iii) is in progress and short term, while dips stay above 2955.74, expect the Index to extend higher. We don’t like selling the Index. As far as pullback stays above July 2 low (2955.74), expect Index to continue higher. If pivot at 2955.74 gives up, the Index is still expected to remain supported against June 4 low (2728.75). The Index has potential target to the upside towards 100% extension from December 26, 2018 low which comes at 3377 – 3529 area.
CME_MINI:ES1!Long
by Elliottwave-Forecast
2
S&P 500 4H LongAn inverse head and shoulders formed, with a right shoulder break of the neckline. Measuring the distance from the head to the neckline, a reasonable target could be found slightly less than this distance applied to the breakout. In addition, long term resistance line can be found to intersect with this potential target zone. The ADX line looks to be turning upwards after a downward trend, currently at 38. A Stop Loss zone below the right shoulder would be appropriate. *Not financial advice*
SP:SPXLong
by UnknownUnicorn924366
4