Elliott Wave Analysis of the INDU (Dow Jones Industrial Average)
|There are number of ways to count the recent gyrations, one such way is to suggest an expanded flat from the Feb 2018 lows. The initial rally into the Feb highs appears to be in 3 waves. The subsequent decline into the Apr 2018 lows can be counted as a 3 wave decline and the current set of overlapping waves from the Apr 2018 lows can be counted as a possible diagonal which can end an expanded flat pattern (3-3-5) from the Feb 2018 lows.
It would look better if a minor new high was seen to end wave [v] of the ending diagonal idea to end wave [c] of a large expanded flat pattern that has been going on since the Feb 2018 lows.
If the current idea is correct, then a minor new high can setup for a large decline back under the 23500 area and likely a move towards 23000 or lower.
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