9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures fell slightly after Monday’s new peak and continued to decline overnight. The overnight low so far is 7576.25, still not a great distance from the peak, 7632.25.

What does it mean? Elliott Wave Theory continues to label rising wave D{-5} as still underway. Each further decline weakens that scenario, and a significant rise strengthens it. At this point, however, the pullback remains small compared with the full rise from the March 30 low of 6353.25.

If the price falls far enough to break back below the upper boundary of the Expanding Triangle, then the working count will shift: Wave D{-5} will have ended, and downtrending wave E{-5} will be underway. Wave E{-5} is likely to fall into the 6250s and perhaps lower.

Wave E{-5} is the fifth and final wave of the parent wave 4{-4}, a downward correction that began in October 2025 and has taken the form of an Expanding Triangle, with ever higher highs and lower lows.

Decision Points. A rise above 7632.25 will confirm that wave D{-5} remains underway. A decline below 7576.25 will be an early warning that wave D{-5} may have ended, but not confirmation. The operational confirmation that wave E{-5} has begun will come only with a break back below the upper boundary of the Expanding Triangle.

[S&P 500 E-mini futures 9:35 a.m., 6-hour 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}
• D{-5} Micro, 3/30/2026, 6353.25 (up}
• C{-6} Submicro, 4/2/2026, 6503.75 (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, June 2, 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 by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work at www.timbovee.com