Dow Futures (YM_F) looking for corrective rally soon [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short Term Elliott Wave view in Dow Futures (YM_F) suggests that cycle from 7.27.2023 high is mature and about to complete soon as 5 waves impulse. Down from 7.27.2023 high, wave ((i)) ended at 35076 and rally in wave ((ii)) ended at 35660. Index extended lower in wave ((iii)) as another impulse in lesser degree. Down from wave ((ii)), wave (i) ended at 35115 and rally in wave (ii) ended at 35456.

Dow Futures (YM_F) 60 minutes Elliott Wave chart

Index extended lower in wave (iii) towards 34328 and rally in wave (iv) ended at 34709. Final leg wave (v) ended at 34308 which completed wave ((iii)). Rally in wave ((iv)) ended at 34645 as a zigzag structure. Up from wave ((iii)), wave (a) ended at 34605, wave (b) ended at 34465, and wave (c) higher ended at 34645 which completed wave ((iv)). Down from wave ((iv)), wave (i) ended at 34307. Short term rally should fail in 3 or 7 swing against 34645 for further downside within wave ((v)). Once the 5 waves decline ends, it should complete wave A in larger degree. Then the Index should rally in wave B to correct decline from 7.27.2023 high in 3 or 7 swing before the decline resumes.

YM_F Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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