Elliott Wave outlook: Dow Futures (YM) on course for breakout to fresh highs [Video]

Dow Futures ended the correction against the cycle from the April 2025 low at 45,065, which we identify as wave (2). From that level, the Index began to rally higher in wave (3). To confirm the bullish sequence, it must break above the prior wave (1) peak at 50,611. Such a move would eliminate the risk of a double correction. Importantly, other major indices such as the S&P 500 (SPX) and Nasdaq 100 (NQ) have already registered new highs, which reduces the probability of Dow Futures forming a double correction.

From the wave (2) low, wave ((1)) advanced to 47,090. A subsequent pullback in wave ((ii)) found support at 46,076. The Index then nested higher, with wave (i) ending at 46,987 and wave (ii) retracing to 46,362. Momentum carried wave (iii) to 48,555, followed by a measured pullback in wave (iv) to 47,534. One more leg higher is expected to complete wave (v) of ((iii)). Afterward, the Index should correct the cycle from the April 2 low in wave ((iv)) before resuming its upward trajectory. Near term, the pivot at 45,065 remains critical. As long as this level holds, dips are expected to attract buyers. Support should emerge in three, seven, or eleven swing sequences, reinforcing the broader bullish outlook.

Dow Futures 60-minute Elliott Wave chart

Dow Futures Elliott Wave [Video]