ES_F: E-Mini S&P 500 Futures - Another Equal Legs Buying Opportunity

Hello Traders, in this article we will analyze our forecast of the ES Mini Futures in the short term cycle. Since the short term peak of ES_F from 04.18.2023 to end wave 3 we have been expecting a pullback within wave 4 to take place.

Here at Elliott Wave Forecast we have in place a system that allows us to measure an area in which we can expect a reaction to take place. We call it equal legs area or blue box area as you might have seen within our charts. These areas provide us with at least an 85% chance of a minimum of 3 waves bounce or reaction to take place. We can use these areas to enter in the market with a defined entry, Stop Loss and exit strategy.

In the case of ES_F we had completed the first leg lower in ((a)) and connector bounce in ((b)) of 4. Consequently we were able then to project the area of ((c)) of 4. This is what we call equal legs area. From there we expect buyers to enter for wave 5 higher or produce a minimum of 3 waves reaction higher at least. Let's have a look on ES 1 hour cycle from 04.26.2023.

ES_F 1 hour London update 04.26.2023

Specifically during the London update from 04.26.2023 we expected it to be within wave (iii). Soon to provide a bounce in (iv) before lower in (v) to end ((c)) of 4. The area is 4099.39 - 4059.29. Let's have a look at the latest update we provided within this weekend.

ES_ F 1 hour weekend update 04.30.2023

It has already reacted higher within wave (v) of ((i)) from 4068.75. Buyers have entered from the equal legs area as forecasted and soon a 3 waves pullback within wave ((ii)) will follow. And thereafter we would expect buyers to resume the upside within wave ((iii)) of 5.

Source: https://elliottwave-forecast.c...