$SPX #SPX #ES $ES #Elliott Wave #trading setup
We can count the rally in S&P 500 cash index as a completed five wave up structure / fractal / pattern:

S&P 500 Cash Index 240 min
Upon completion of a five wave up rally we always expect a corrective three wave a-b-c- decline down to the low made by the previous pullback in a micro wave (iv) down (5,138):

S&P 500 Cash Index 240 min chart
That wave count has two main resistance/targets:
- target 1 = 5,860 (has been hit);
- target 2 = 6,018.
I can apply the very same wave count to ES-mini:

ES-mini Daly chart
As I mentioned before, that wave count applied to ES-mini looks less convincing than on S&P cash index chart.
Yesterday ES-mini broke over an important 76.4% ext (5,871.50). Break over that level opened the door for extension up to 6,000 (a 100% ext). So far ES has not tagged the next target at 6,000.