3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures reached a session high of 7782 and then began to fall, so far reaching into the 7740s. Wednesday’s movements remained entirely within Monday’s high/low range, although prices rose slightly above Tuesday’s high.

Elliott Wave Theory. This morning’s analysis is unchanged. Under the primary scenario, rising wave D{-5} remains underway. However, a second scenario — that D{-5} ended at the September 22 high of 7848.50 and falling wave E{-5} began there — may prove to be the better interpretation. At this point, the structure remains ambiguous.

Decision Points. A rise above 7848.50 would confirm that D{-5} remains underway. Continued weakness, especially a sustained break below recent lows, would increase the likelihood that D{-5} has ended and E{-5} is underway. Until price resolves that choice, the analysis remains in an Elliott Wave transition zone.

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures drifted down during much of the overnight trading, reaching a low of 7719.50, and then drifted higher, suddenly shooting upward with the release of the Personal Consumption Expenditures (PCE) Price Index for August an hour before the opening bell.

The overnight price movement, while dramatic on a close-up chart, remained within the prior day’s high/low range.

What does it mean? Given the relatively small distance covered by the market’s response to the PCE report, Elliott Wave Theory analysis remains unchanged, as do the ambiguities.

Rising wave D{-5} continues under the primary scenario, and a rising price increases the odds in favor of that scenario. However, it is also possible that D{-5} ended on September 22 at 7848.50, and that falling wave E{-5} began at that moment. Neither scenario has been confirmed.

Both scenarios exist within wave 4{-4}, a downward correction that began on October 29, 2025 and has taken the form of an Expanding Triangle. Wave D{-5} is or was the next-to-the-last subwave of wave 4{-4}, and wave E{-5} is or will be the final subwave.

Decision Points. A rise above 7848.50 would eliminate the September 22 peak as the end of D{-5} and confirm that the wave remains underway. Continued weakness, especially a sustained move below recent lows, would increase the likelihood that D{-5} has ended and E{-5} is underway. Until price establishes one of those paths, the Elliott Wave structure remains in a transition zone.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures, and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• D{-5} Micro, 3/30/2026, 7353.25 (up)
• C{-6} Submicro, 7/29/2026, 7324 (up)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity(1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu pageAnalytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, September 30, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures resumed their fall during the session, reaching a low so far of 7712.25.

Elliott Wave Theory. The analysis remains unchanged. Rising wave D{-5} continues, although ambiguity remains. The farther the price falls from the September 22 high of 7848.50, the stronger the possibility becomes that wave D{-5} ended there and falling wave E{-5} has begun.

Decision Points. A sustained decline with a continuing pattern of lower highs and lower lows would add evidence that wave E{-5} is underway. A reversal and renewed rise toward 7848.50 would favor the existing D{-5} count, while a move above that high would confirm that rising wave D{-5} remains underway.

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures continued to fall after Monday’s session ended, reaching an overnight low of 7716 and then reclaiming some of the loss.

What does it mean? The distance covered remains relatively small, insufficient to change the Elliott Wave Theory analysis or resolve the ambiguity.

Rising wave D{-5}, which began on March 30, is still underway and is in its third and final subwave, rising wave C{-6}.

And here’s the ambiguity. It’s possible that wave D{-5} ended on September 22 at the most recent high of 7848.50, and that the still-small declines that followed are falling wave E{-5} and its first subwave, falling wave A{-6}. At this point, neither possibility has been disproven or confirmed, so I’ll stick with the most recent analysis until a new one becomes more certain.

Decision Points. A move above 7848.50 would eliminate the present ambiguity and confirm that rising wave D{-5} remains underway. Continued declines would strengthen the case that D{-5} ended at that level and E{-5} has begun, although a move below 7716 alone would not be sufficient confirmation. A sustained pattern of lower highs and lower lows would provide increasingly persuasive evidence for the E{-5} count.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures, and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• D{-5} Micro, 3/30/2026, 7353.25 (up)
• C{-6} Submicro, 7/29/2026, 7324 (up)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity(1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu pageAnalytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, September 29, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures fell further during the session, reaching a low of 7726, then rebounded into the 7780s before turning lower again. The decline carried the futures below Friday’s low but remained above Thursday’s low.

Elliott Wave Theory. None of today’s movements has been sufficient to trigger a change in the analysis. Rising wave D{-5} continues, although the possibility remains that its peak has already occurred and falling wave E{-5} has begun.

Decision Points. A break below Thursday’s low would add evidence that wave D{-5} may be complete and wave E{-5} underway. A renewed rise above 7848.50 would instead extend wave D{-5} and its final rising C{-6} subwave. Until one of those alternatives gains stronger evidence, the existing count remains in place.

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures fell after trading resumed overnight, from a high of 7803 in the first five minutes to a low 12 hours later of 7757. The futures then worked their way higher, reaching the 7770s and briefly the 7780s.

What does it mean? Elliott Wave Theory opens the week with its analysis unchanged from the week that ended. Rising wave D{-5} continues and is in its final subwave, rising wave C{-6}. Wave D{-5} is the next-to-last subwave of wave 4{-4}, a downward correction that began on October 29, 2025.

Decision Points. A move above 7848.50, the September high, would extend rising wave D{-5} and its C{-6} subwave. Continued weakness would keep open the possibility that D{-5} has ended and falling wave E{-5} has begun, but the overnight decline alone does not provide sufficient evidence to make that change in the count.

The Chart shows wave D{-5} in its entirety. The blue lines are the likely upper and lower boundaries of the parent wave 4{-4}, which has taken the form of an expanding triangle.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures, and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• D{-5} Micro, 3/30/2026, 7353.25 (up)
• C{-6} Submicro, 7/29/2026, 7324 (up)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity(1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu pageAnalytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, September 28, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures began to fall shortly before the opening bell and reached 7752.75, then reversed and rose to 7811.

Elliott Wave Theory. Rising wave D{-5} most likely remains underway. However, at this stage of the structure, every new peak could mark the end of wave D{-5} and the beginning of falling wave E{-5}.

Decision Points. Today’s sharp decline and equally sharp recovery provide no clear evidence that the transition from wave D{-5} to wave E{-5} has occurred. A move above 7848.50 would strengthen the case that wave D{-5} continues. Until the structure of a decline provides evidence that wave E{-5} is underway, the present labels remain unchanged.

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures rose overnight, from 7748.50 to 7800.75, and then began to fall as the opening bell approached.

What does it mean? The overnight rise is consistent with an Elliott Wave Theory reading that shows rising wave D{-5} still underway, along with its final subwave, rising wave C{-6}. Both are subwaves of wave 4{-4}, a downward correction taking the form of an expanding triangle that began on October 29, 2025.

When wave D{-5} is complete, wave 4{-4}’s final subwave, falling wave E{-5}, will begin. A characteristic of expanding triangles is that each subwave travels farther than the prior subwave moving in the same direction. Just as wave D{-5} has moved beyond the end of wave B{-5}, wave E{-5} would normally be expected to move below the end of wave C{-5}.

Decision Points. The overnight rise has not exceeded the 7848.50 high, so it provides no confirmation that wave C{-6} is extending upward. Nor does the decline from 7800.75 provide sufficient evidence that wave D{-5} has ended. The present labels remain in place until price and wave structure provide clearer evidence of the transition from D{-5} to E{-5}.

The Chart shows wave 4{-4} in its entirety. The blue lines are the likely upper and lower boundaries of the expanding triangle. I hedge the description because, as wave D{-5} demonstrates, a wave can move beyond a boundary. Conversely, a wave can come up short and fail to reach one.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures, and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• D{-5} Micro, 3/30/2026, 7353.25 (up)
• C{-6} Submicro, 7/29/2026, 7324 (up)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity(1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu pageAnalytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, September 25, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures zigzagged higher during the session, so far reaching 7783.50, slightly above the peak that preceded the overnight decline.

Elliott Wave Theory. The net sideways movement left the day with no change to the wave structure of the chart. Rising wave D{-5} appears to be continuing, as does its final subwave, rising wave C{-6}.

Decision Points. A rise above the September high of 7848.50 would verify that rising wave D{-5}, and its subwave C{-6}, remain underway. Without that verification, we can deal only in probabilities.

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures continued to fall for a second day in a row, reaching an overnight high of 7779.25 less than an hour after yesterday’s session ended, and then falling, so far to a low of 7707.25.

What does it mean? Elliott Wave Theory continues to see rising wave D{-5} as being underway. Wave D{-5} is the fourth of five waves that will complete the expanding triangle, wave 4{-4}, a downward correction that began on October 29, 2025.

Internally, wave D{-5} is in its third and final subwave, rising wave C{-6}.

The price remains well above the rising upper boundary of the triangle, presently in the 7410s. When the price falls below that boundary, it will be a strong sign that wave D{-5} has ended and falling wave E{-5} is underway. Wave E{-5}, the final subwave, would normally be expected to fall toward the lower boundary of the triangle, presently around 6120 and falling further every moment.

Decision Points. The two-day decline has not yet provided sufficient evidence that wave D{-5} has ended. A fall below the triangle’s upper boundary would provide strong evidence that wave E{-5} has begun. Until then, the D{-5}/C{-6} labels remain in place. A rise above the September high of 7848.50 would reinforce the view that rising wave C{-6} remains underway.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures, and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• D{-5} Micro, 3/30/2026, 7353.25 (up)
• C{-6} Submicro, 7/29/2026, 7324 (up)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity(1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu pageAnalytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, September 24, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures have fallen for most of the session, reaching a low of 7758.75 as the closing bell draws near. Today’s low remains above Monday’s low.

Elliott Wave Theory. Rising wave D{-5} continues, as does its final subwave, rising wave C{-6}. Today’s decline from 7843.25 is substantial on the intraday chart, but it remains within Monday’s range and well above the upper boundary of the wave 4{-4} expanding triangle. The decline is therefore not yet sufficient to establish that rising wave C{-6}, and with it wave D{-5}, has ended. Continued weakness could provide evidence that declining wave E{-5}, the final subwave of the triangle, has begun.

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures rose to 7843.25 overnight, and then began a steep decline, so far reaching 7818.75.

What does it mean? Elliott Wave Theory analysis continues to view rising wave D{-5} as being underway. It is the next-to-the-last subwave within wave 4{-4}, a downward correction that began on October 29, 2025 and has taken the form of an expanding triangle. Wave D{-5} is in its final subwave, rising wave C{-6}.

Decision Points. The steep decline from 7843.25 raises the possibility that rising wave C{-6}, and therefore wave D{-5}, may be approaching completion. So far, however, the decline is insufficient to establish that either wave has ended. A renewed rise would leave the present analysis intact; continued weakness could provide evidence that the final declining wave E{-5} of the expanding triangle has begun.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures, and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• D{-5} Micro, 3/30/2026, 7353.25 (up)
• C{-6} Submicro, 7/29/2026, 7324 (up)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity(1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu pageAnalytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, September 23, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures fell after reaching a pre-session high of 7848.50, declining to the 7823 area before taking back about half of the loss. They then fluctuated largely in the 7820s and 7830s.

Elliott Wave Theory is unchanged. Rising wave D{-5} continues, as does its final subwave, rising wave C{-6}.

Decision Points. A rise above 7848.50 would extend wave C{-6} to another high and leave the analysis unchanged. A decline below the overnight low of 7810.50 would provide stronger evidence that wave C{-6}, and therefore wave D{-5}, may have ended. Price alone, however, would not be sufficient to make that change; the wave structure would need to confirm the turn.

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures fluctuated within a relatively narrow range for most of overnight trading, with the exception of a steep drop that began around 3:30 a.m. and carried the price from 7835.25 down to 7810.50 about an hour later. The futures then immediately whipsawed back to the upside, reaching the 7830s and, after a pause, the 7840s.

What does it mean? The movement does nothing to alter the Elliott Wave Theory analysis. Rising wave D{-5} continues, having begun on March 30 from 6353.25. It is the next-to-last subwave within wave 4{-4}, a downward correction that began on October 29, 2025, and has taken the form of an expanding triangle.

Wave C{-6}, the final subwave of wave D{-5}, began on July 29 from 7324.

Decision Points. A rise above the September 21 high of 7847.25 would extend wave C{-6} and leave the present analysis intact. A sustained decline below the overnight low of 7810.50 would signal near-term weakness, but would not by itself be sufficient to declare wave D{-5} complete and wave E{-5} underway. That change will require clearer evidence of a completed turn.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures, and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• D{-5} Micro, 3/30/2026, 7353.25 (up)
• C{-6} Submicro, 7/29/2026, 7324 (up)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity(1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu pageAnalytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, September 22, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures moved above the August 13 high, 7838.50, and so far have reached into the 7840s.

Elliott Wave Theory. The higher high has consequences for our analysis, as follows.

First, falling wave E{-5} is not underway, and never was.

Second, rising wave D{-5}, which began on March 30 from 6353.25, is still underway and has never reached an end point.

Third, wave D{-5} is in its final subwave, rising wave C{-6}.

Such surprises happen from time to time in Elliott Wave analysis, an example of the fact that Elliott Wave Theory is not a prediction of the future but a mapping of what has occurred, with a discussion of the implications based on prior, similar patterns.

At such moments, I tend to pause and repeat a quote that appears at the bottom of each analysis, in the Learning and resources section. The quote is from 20th-century semanticist Alfred Korzybski in his book Science and Sanity (1933): “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And, I always add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

Decision Points. Rising wave C{-6} and therefore wave D{-5} remain underway. The move above 7838.50 removes that former peak as an Elliott Wave barrier, so there is no reason to assume that today’s new high marks an endpoint. The task now is to watch for evidence that wave C{-6} has completed. A reversal by itself would not be enough; the developing structure would need to distinguish an internal correction within C{-6} from completion of wave D{-5}. Only after D{-5} is shown to be complete would falling wave E{-5}, the final subwave of the expanding triangle, begin.

The revised chart.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures continued to rise when trading resumed, opening at 7713.75 and reaching into the 7770s as the opening bell approached.

What does it mean? Elliott Wave Theory is clear on the larger waves but uncertain on the smallest.

Big waves underway:

• Wave 4{-4}, a downward correction that began on October 29, 2025 and has taken the form of an expanding triangle.
• Wave E{-5}, a falling wave that began on August 13 and is the final subwave within wave 4{-4}.
• Wave A{-6}, also falling, began on August 13 and is the first subwave within wave E{-5}.

Smaller subwave:

Falling wave A{-7}, the first subwave of wave A{-6}, may still be underway Or, wave A{-7} may have ended at 7575 on September 16, with rising wave B{-7}, the second of three subwaves, now underway.

The situation remains ambiguous. The rise to 7771.25 has retraced nearly three-quarters of the decline from the August 13 high, 7838.50, to the September 16 low, 7575. The farther the price rises, the more likely it becomes that wave B{-7} is underway, although the move has not yet provided verification.

Decision Points. Continued strength would add evidence that wave B{-7} is underway. A renewed decline would leave the smaller-degree count unresolved until the emerging structure makes clear whether wave A{-7} continued or a completed B{-7} has given way to the next declining subwave. A move back to the August 13 high, 7838.50, would require reassessment of the larger count.

[S&P 500 E-mini futures 9:35 a.m., 1-day bars with volume]

Now Outdated. New chart above

Waves Now Underway

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures, and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• D{-5} Micro, 3/30/2026, 7353.25 (up)
• C{-6} Submicro, 7/29/2026, 7324 (up)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity(1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu pageAnalytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, September 21, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures continued to fall during the session, reaching a low of 7675 and then rebounding to the neighborhood of 7700.

Elliott Wave Theory. The analysis remains unchanged. Falling wave E{-5} continues, as does its initial subwave, falling wave A{-6}. Today’s decline strengthens that interpretation after the ambiguity discussed this morning.

Decision Points. A renewed decline would add evidence that wave A{-6} remains underway. A sustained rise above today’s overnight high of 7739.25 would again raise the possibility that wave A{-6} has ended and rising wave B{-6} has begun.

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures rose overnight, from an early low of 7696 to a high of 7739.25. It then reversed, all of the gain and then some. The price then began to rise as the opening bell drew near.

What does it mean? Elliott Wave Theory continues to conclude that falling wave E{-5} is underway.

Within that wave, the question remains whether falling wave A{-6} continues or whether it has ended and rising wave B{-6} is underway. The overnight rise to 7739.25 was too small to verify the B{-6} scenario, and the subsequent retreat nearly back to its starting point weakened that possibility further. The ambiguity therefore remains unresolved.

Wave E{-5} is the final subwave of wave 4{-4}, a downward correction that began on October 29, 2025 and has taken the form of an expanding triangle. Within that sort of triangle, each rising wave moves higher than the one before, and each falling wave moves lower than its predecessor, allowing boundaries to be drawn that in theory show the endpoints of future waves in each direction.

I say “in theory” because sometimes a wave fails to reach the boundary — a condition called truncation — or overshoots the boundary, as happened with rising wave D{-5}, which ended on August 13. Wave E{-5} began on that date and has yet to reach below the upper boundary. The lower boundary is in the 6130s today and declining every moment.

Decision Points. A sustained rise above 7739.25 would strengthen the case that wave A{-6} has ended and wave B{-6} is underway, although considerably more upside movement would be needed for confirmation. A decline below the overnight low of 7696 would strengthen the alternative that wave A{-6} remains underway. The larger analysis is unchanged either way: Falling wave E{-5} continues, with the declining lower boundary of the expanding triangle still far below the present market.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures, and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro, 8/13/2026, 7838.50 (down)
• A{-6} Submicro, 8/13/2026, 7838.50 (down)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity(1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu pageAnalytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, September 18, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures continued to slowly stair-step higher in the later stages of the session, reaching into the 7710s.

Elliott Wave Theory. Falling wave A{-6} within wave E{-5} continues. Within it, falling wave A{-7} appears to be unfolding as a five-subwave decline. When wave A{-7} is complete, rising wave B{-7} within wave A{-6} will begin.

Decision Points. The immediate markers remain 7722.25, today’s high, and 7617.50, today’s low. A sustained move above 7722.25 would strengthen the case that wave B{-7} is underway. A move below 7617.50 would favor the interpretation that wave A{-7} continues.

12:30 p.m. New York time

What happened to this morning’s analysis? When I booted up my MacBook Air this morning, ready to analyze the S&P 500 futures, a Google installation brought the Gemini AI into contact with my email. Things went downhill from there. Many programs and services no longer worked properly, including WordPress, the platform I use to post my analyses. It took a while, but I fixed it. Here’s this morning’s analysis, several hours late.

What’s happening now? The S&P 500 E-mini futures rose overnight, from 7617.50 to 7722.25, then pulled back into the 7680s before bouncing to slightly above 7700.

What does it mean? Elliott Wave Theory sees no change in the analysis. Falling wave E{-5} and its subwave, falling wave A{-6}, continue. Wave E{-5} is the final subwave of wave 4{-4}, a downward correction that took the form of an expanding triangle and began on October 29, 2025.

Decision Points. The overnight rise has not changed the larger Elliott Wave count. The immediate markers are the overnight high of 7722.25 and low of 7617.50. A sustained move above the high would strengthen the case for a larger countertrend rise within A{-6}; a break below the low would strengthen the case that the decline is resuming.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures, and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro, 8/13/2026, 7838.50 (down)
• A{-6} Submicro, 8/13/2026, 7838.50 (down)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity(1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu pageAnalytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, September 17, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com