Elliott wave view: Dow Futures (YM) remains bullish as we end year 2020 [Video]
|Short term Elliott Wave view on Dow Futures (YM) suggests the rally from October 30 low is unfolding as a 5 waves impulse Elliott Wave structure. Wave (1) of this impulsive rally ended at 30333 and pullback in wave (2) ended at 29308. The Index has resumed higher in wave (3). Up from wave (2) low at 29308, wave ((i)) ended at 30198 and wave ((ii)) pullback ended at 29735.
Index then resumed higher in wave ((iii)) which subdivide into another 5 waves of lesser degree. Up from wave ((ii)) low, wave (i) ended at 30182 and dips in wave (ii) ended at 29956. Wave (iii) ended at 30418, wave (iv) ended at 30278, and final leg wave (v) of ((iii)) ended at 30502. Wave ((iv)) pullback is currently in progress as a zigzag where wave (a) ended at 30166 and wave (b) ended at 30416. Expect another leg lower in wave (c) to complete wave ((iv)) before Index resumes the rally again. Potential target for wave (c) of ((iv)) is 100% – 161.8% Fibonacci extension of wave (a) which comes at 29877 – 30083. From this area, the Index can extend higher or bounce in 3 waves at least. As far as December 21 pivot low at 29308 remains intact, expect Index to extend higher.
YM 45 Minutes Elliott Wave Chart
Dow Futures (YM) Elliott Wave Video
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