Dow Future Elliott Wave Analysis
|Dow Future Short Term Elliott Wave view suggests that rally to 24536 ended Minor wave 1 and Minor wave 2 ended at 24071 as a triple three Elliott Wave structure. The Index has since broken above Minor wave 1 at 24536 which suggests the next leg higher has started. Up from 24071, the rally is progressing as 5 waves impulse Elliott Wave Structure and Minute wave ((i)) ended at 24073.
Minute wave ((ii)) pullback is proposed complete at 24532 after a 3 swing pullback, but the Index still needs to break above 24073 to confirm this view. Until then, a double correction in Minute wave ((ii)) can’t be ruled out. A break below 24532 low from here suggests Minute wave ((ii)) is still in progress in 3, 7, or 11 swing to correct the rally from Minor wave 2 (24071) low. However, as far as the dips stay above 20471 low, expect the Index to extend higher. We don’t like selling the Index.
YM_F Dow Future 1 Hour Elliott Wave Chart
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