Elliott Wave View: Dow Jones Ending 5 Waves Rally [Video]
|Elliott Wave View on Dow Jones Future (YM_F) suggests the rally from October 3 low is unfolding as a 5 waves impulsive Elliott Wave. On the 1 hour chart below, we can see wave ((iii)) of this impulse ended at 27079 and wave ((iv)) pullback ended at 26588. Internal of wave ((iv)) unfolded as a zigzag where wave (a) ended at 26876, wave (b) ended at 27088 and wave (c) ended at 26588. Index is now ending wave ((v)) which subdivided in another 5 waves in lesser degree.
Up from 26588, wave (i) ended at 27230, and wave (ii) pullback ended at 26847. Index then resumed higher again in wave (iii) towards 27493. Near term, while wave (iv) dips stay above 26844, expect Index to extend higher 1 more time before ending wave (v) of ((v)). The move higher will also complete wave 1 and end the entire 5 waves up from October 3 low. Afterwards, it should pullback in wave 2 to correct cycle from October 3, 2019 low before the rally resumes. Potential target higher is 100% Fibonacci Extension from August 6 low towards 27945 – 28477.
YM_F 1 Hour Elliott Wave Chart
YM_F 1 Hour Elliott Wave Video
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