S&P 500 E Mini Futures consolidating, traders eye next move [Video]

The S&P 500 E-Mini Futures (ES) has largely traded sideways with a modestly bullish bias since October 2025. The short-term cycle, which began from the November 21, 2025 low, remains in progress as a five-wave Elliott Wave structure. Wave 1 concluded at 7043, marking the all-time high in the Index. Following this peak, price action shifted lower in a zigzag formation. Specifically, wave ((a)) ended at 6864.5, while wave ((b)) terminated at 7011.5, as reflected in the one-hour chart.

Wave ((c)) then extended lower to 6791.6, completing wave 2 at a higher degree. From that point, the Index turned upward into wave 3. However, a decisive break above the wave 1 high at 7043 is still required to eliminate the possibility of a larger double correction. From the wave 2 low, wave (i) advanced to 6925.75, followed by a corrective pullback in wave (ii), which ended at 6828.5.

In the near term, as long as the pivot at 6791.6 remains intact, dips are expected to find support within the 3, 7, or 11 swing sequence. This technical condition favors further extension to the upside. The broader implication is that the Index retains constructive momentum, but confirmation through a sustained break above 7043 will be critical for validating the bullish outlook.

S&P 500 E-Mini Futures (ES) one-hour Elliott Wave chart from 2.25.2026

ES Elliott Wave [Video]