Elliott Wave View: Dow Jones Future ($YM_F) Bullish Structure Likely Extends
|Elliott Wave view on Dow Jones Futures ($YM_F) suggests that the rally from October 3, 2019 low is unfolding as an impulse Elliott Wave structure. In the 1 hour chart below, rally to 28893 ended wave (3) and pullback to 28084 ended wave (4). Index has resumed higher within wave (5).
Up from 28084 low, wave ((i)) ended at 28469 and pullback in wave ((ii)) ended at 28317. Index should see a few more highs to end wave ((iii)), then it should pullback in wave ((iv)) before the next leg higher in wave ((v)) to complete wave 1 of (5). Index then should retrace in wave 2 of (5) to correct cycle from January 8, 2020 low before the rally resumes. We don’t like selling the proposed pullback.
As far as pivot at 28084 low stays intact, expect dips to find buyers in 3, 7, or 11 swing for further upside within wave (5). Alternatively, instead of ending wave 1 of (5), Index can end the entire wave (5). In this scenario, Index should see larger pullback to correct the cycle from October 3, 2019 low in 3, 7, or 11 swing before the next leg higher.
Dow Jones Futures ($YM_F) 1 Hour Elliott Wave Chart
Dow Jones Future ($YM_F) Elliott Wave Video
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