Elliott Wave intraday analysis: Dow Futures (YM) resumes bullish trend [Video]
|Short Term Elliott Wave View in E-Mini Dow Jones Futures (YM) suggests the trend should continue higher within the sequence started from April-2024 low as the part of daily sequence. It favors upside in wave 5 of (5) since 18-April, 2024 low, while dips remain above 40053 low. Since April-2024 low of (4), it placed 1 at 40213 high, 2 at 38111 low as dip pullback and 3 at 41672 high. It ended 4 as clear 3 swing zigzag pullback at 40053 low and favors upside in 5, which confirms above 41672 high to avoid any double correction, if breaks below 40053 low. Within 4 correction, it placed ((a)) at 40466 low, ((b)) at 40795 high and ((c)) at 40053 low, which missed the equal leg areas in 4 before resume higher.
Above 4 low, it placed ((i)) of 5 at 41051 high and favors corrective pullback in ((ii)), which should remain above 40053 low to extend higher in ((iii)). Within ((i)), it placed (i) at 40685 high, (ii) at 40158 low, (iii) at 41029 high, (iv) at 40863 low and finally (v) at 41051 high as ((i)). It placed (a) of ((ii)) at 40606 low and favors bounce in (b) before turning lower in (c) to finish ((ii)). As long as it stays above 40053 low, it should resume higher in 5 and can extend towards 42052 – 42671 area to finish the impulse started from April-2024 low before correcting lower. Alternatively, if it breaks below 40053 low, it can do double correction towards 39432 or lower levels before it should turn higher.
E-Mini Dow Jones Futures (YM_F) 60 minutes Elliott Wave chart
YM_F Elliott Wave video
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