9:35 a.m. New York time

What’s happening now. The S&P 500 E-mini futures resumed their rise overnight, reaching a new high within the advance that began on March 30. The overnight low was 6920.25, and the new high is 6949.50.

What does it mean? The new high confirms that wave B{-6} continues under Elliott Wave Theory analysis. The structure remains corrective and somewhat uneven, which is typical for B waves, but the upward progression is intact.

Decision Points. The immediate question is whether this advance is nearing completion or has further room to run. A sustained move above 6950 would strengthen the case for continued upside within wave B{-6}. Conversely, a break below the overnight low at 6920.25 would be the first indication that the upward phase may be ending and that a transition toward wave C{-6} could be underway. Until one of those levels is clearly broken, the working assumption remains that wave B{-6} is still in progress.

[S&P 500 E-mini futures at 9:35 a.m., 20-minute 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} Subminutte 10/29/2025, 6953.75 (down}
• C{-5} Micro, 1/27/2026, 7043 (down}
• B{-6} (none), 3/30/2026, 6353.25 (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 page Analytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, April 13, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.

No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.

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

License

Based on work at www.timbovee.com