9:50 a.m. New York time
What’s Happening Now? The S&P 500 E-mini futures rose sharply overnight as the session’s opening bell approached, reaching 7604.75, then falling into the 7570s.
What Does It Mean? Elliott Wave Theory’s analysis remains unchanged. Falling wave E{-5} continues. It is the final subwave of wave 4{-4}, which began on October 29, 2025, and has taken the form of an expanding triangle.
Within wave E{-5}, the final subwave, wave C{-6}, is underway. At present, our analysis is focused on a declining C wave that began on October 6.
Decision Points. Theovernight decline reached 7546, establishing a new low in the correction. A further decline below that level would strengthen the interpretation that the falling C wave remains underway.
A rise above the overnight high of 7604.75 would signal a stronger upward correction within the decline, but would not invalidate the larger wave count.
A rise above 7819.50, the October 29 high, would invalidate the interpretation that the current declining C wave began at that point and require a reassessment of its internal structure.
The Chart. The chart focuses on the current declining wave E{-5}.
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 10/6/2026, 7897.50 (down)
- A{-6} Submicro 10/6/2026, 7897.50 (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 page Analytical Methods for a rundown on where to go for information on Elliott Wave analysis.
By Tim Bovee, Portland, Oregon, November 3, 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.
Based on work atwww.timbovee.com
