In this technical blog, we are going to take a look at the past performance of 4 hour Elliott Wave Charts of S&P 500 Futures (ES_F), which we presented to members at elliottwave-forecast.com. In which, the cycle from 12/26/2018 low ( $$2315.27) unfolded in an impulse structure & showed a higher high sequence in bigger time frame charts called for further upside. Also, it’s important to note that the ES_F was having green right side tag pointing higher favored members to look for buying opportunity at the blue box areas in 3, 7 or 11 swings. We will explain the ideas & structure below:
ES_F 4 Hour Elliott Wave Chart From 5/20/2019
ES_F 4 hour Elliott Wave Chart from 5/20/2019 update, in which the cycle from 12/26/2018 low ended at $2961.25 high. Down from there, the index corrected that cycle as zigzag structure & was expected to find buyers at $2728-$2625 100%-161.8% Fibonacci extension area of (A)-(B) into the direction of the right side tag. Afterward, the index was expected to resume the upside or it was expected that minimum 3 wave reaction higher should take place. Therefore, we advised members not to sell it and keep buying the dips in 3, 7 or 11 swings into the direction of right side tag.
ES_F 4 Hour Elliott Wave Chart From 6/09/2019
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ES_F 4 hour Chart from a Weekend update, in which index managed to reach blue box area at $2728-$2625 & made the reaction higher as expected. Allowing members to go risk-free in the trade (stop loss at entry level) in this recent reaction higher from blue box area.