Elliott Wave suggests Dow Futures will break to new all-time high [Video]
|Short term Elliott Wave view in Dow Futures (YM) suggests rally to 43005 ended wave 3. Pullback in wave 4 unfolded as a zigzag Elliott Wave structure. Down from wave 3, wave ((a)) ended at 42245. Rally in wave ((b)) unfolded as expanded flat Elliott Wave structure. Up from wave ((a)), wave (a) ended at 42673 and dips in wave (b) ended at 42142. Wave (c) higher ended at 42663 which completed wave ((b)) in higher degree. The Index then extended lower in wave ((c)) towards 42093 which completed wave 4 in higher degree.
Index has turned higher in wave 5. However, it still needs to break above wave 3 peak at 43005 to rule out any double correction. Up from wave 4, wave (i) ended at 42427 and dips in wave (ii) ended at 42254. Wave (iii) higher ended at 42805 and pullback in wave (iv) ended at 42656. Expect wave (v) to end soon which should complete wave ((i)) in higher degree. Afterwards, it should pullback in wave ((ii)) to correct cycle from 10.8.2024 low before it extends higher. Near term, as far as pivot at 42092 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]
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