E-mini futures - waiting for an impulse wave

CME_MINI:ES1!   S&P 500 E-mini Futures
The E-mini S&P 500 futures firstly has created a potential falling wedge pattern and secondly an Elliott wave impulse structure. We have mentioned these patterns in our previous analysis.

Currently, after the wedge breakout end creation of the strongest wave in a whole impulse - wave 3 - we may observe a potential correction labeled as wave 4. Thanks to the recent pullback the market has tested an important 38,2 Fibo retracement of wave 3.

If this support area is defended and resistance at 3317 is broken, we could expect another rally labeled as wave 5. In another way the next potential support is located at 3221 pts.

Daniel Kostecki, Chief Analyst Conotoxia Ltd.

Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.

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