ES_F (E-mini S&P 500) dropped from 4634.50 to 4350 from 7.27.2023 to 8.18.2023. This decline took the form of a zigzag Elliott wave structure. Tod
ay, we will take a look at the structure of the decline from 7.27.2023 peak and how we spotted this zigzag structure and forecasted another leg lower in ES_F.
Elliott Wave Zigzag is the most popular corrective pattern in Elliott Wave theory. It’s made of 3 swings that have 5-3-5 inner structure. Inner swings are labeled as A,B,C where A=5 waves, B=3 waves, and C=5 waves. That means A and C can be either impulsive waves or diagonals. . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergence between wave subdivisions, ideal Fibonacci extensions and ideal retracements.above shows the decline from 4634.50 to 4493.
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