Stock Indices Near Elliot Wave Targets

Typically once large motive moves end in a 5th wave, the first obvious target is reversal in the opposite direction into the vicinity of the previous fourth wave. In this case, ES (e-mini S&P futures) and YM (e-mini Dow futures) had both completed 5-wave declines at the end of October. Now almost two weeks later both are already nearing their obvious first targets (ES = 4430 and Dow futs = 34,305). Typically, 5 wave moves are followed by 3-wave corrections, but it appears to be only one move off the lows so the recent advance should have plenty of room to go according to current wave count. Also, as pointed out in the previous post this morning, NQ futures have broken key resistance.