The S&P 500 E‑Mini Futures (ES) reached an all‑time high of 7043 on January 28, 2026. Since that peak, the market has entered a larger degree correction, signaling the completion of the cycle that began from the April 2025 low. The current decline is unfolding as part of a corrective phase, and the internal structure of the pullback is developing into a double three Elliott Wave pattern.
From the January 28 high, wave W concluded at 6584.5. The subsequent rally in wave X ended at 6852.65, as illustrated on the one‑hour chart. Following this, wave Y has begun to unfold lower in the form of a zigzag. Within wave Y, wave ((a)) finished at 6483.5, while wave ((b)) rallied to 6748. The market has since resumed its downward trajectory, suggesting that the correction remains in progress.
S&P 500 E-Mini futures (ES) 60-Minute Elliott Wave chart
The potential target for wave Y is guided by the 100% to 161.8% Fibonacci extension of wave W. This extension projects a zone between 6110 and 6391. Within this area, buyers are expected to emerge, creating the conditions for at least a three‑wave rally. The corrective decline therefore appears incomplete, but the projected support zone should provide a favorable environment for stabilization and a subsequent rebound. Near term, as far as pivot at 6852.65 stays intact, expect the Index to extend lower.
S&P 500 E-Mini futures (ES) Elliott Wave video
Source: https://www.fxstreet.com/news/correction-resumes-in-sp-500-e-mini-futures-es-per-elliott-wave-outlook-video-202603270714
