JSE, Top 40 Futures Index

This hourly chart for the JSE Top40 futures index indicates that the the original target for 4 was extended by 1.62 to the channel resistance line. The target for 5 will be a 0.62 retrace of 4.

JSE, Top 40 and Top 40 Futures Index

This comparison of the Top 40 index and the Top 40 Futures shows that the avoidance of Futures charts by Elliott practitioners is well-founded.

The hourly Top 40 (J200) chart has not entered Minor wave 1 territory. There is divergence support for the wave 3 and 4 assignment along with a conventional structure within Minor wave 3.

Next: Unlike the underlying index (above), the 2-hourly Top 40 futures chart has entered Minor wave 1 territory. Thereby Minor wave 3 remains active and the commencement of the final minute wave [v] of Minor wave 3 is indicated. The internal structure of the incomplete Minor wave 3 is untidy.