Elliott Wave analysis on Dow futures (YM) favors upside [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott Wave view in Dow futures (YM) suggests the Index ended wave (4) correction at 37473. The Index has now turned higher in wave (5). However, it still needs to break above the previous wave (3) peak on 4.1.2024 at 40358 to rule out a double correction. Up from wave (4), wave ((i)) ended at 38451 and pullback in wave ((ii)) ended at 382808. Wave ((iii)) ended at 38682, dips in wave ((iv)) ended at 38428, and final wave ((v)) higher ended at 38801. This completed wave 1 in higher degree.

Pullback in wave 2 unfolded as a zigzag Elliott Wave structure. Down from wave 1, wave ((a)) ended at 37944 and wave ((b)) rally ended at 38592. Wave ((c)) lower ended at 37866 which completed wave 2 in higher degree. The Index has turned higher again in wave 3 of (5). Up from wave 2, wave (i) ended at 38527 and pullback in wave (ii) ended at 38037. Wave (iii) higher ended at 38958 and dips in wave (iv) ended at 38661. Near term, as far as pivot at 37473 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.

Dow futures (YM_F) 60 minutes Elliott Wave chart

YM_F Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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