Intraday Elliott Wave view on Dow Futures (YM) favors the bullish side [Video]
|Short term Elliott Wave view on Dow Futures (YM) suggests that cycle from 8.8.2024 low is in progress as an impulse. Up from 8.8.2024 low, wave (1) ended at 41682 and wave (2) pullback ended at 40028 as the 1 hour chart below shows. Internal subdivision of wave (2) unfolded as a zigzag Elliott Wave structure. Down from wave (1), wave A ended at 40264 and rally in wave B ended at 41065. The Index then extended lower in wave C towards 40028 which completed wave (2) in higher degree.
Index has turned higher in wave (3). Internal subdivision of wave (3) is unfolding as a 5 waves impulse. Up from wave (2), wave ((i)) ended at 41100 and wave ((ii)) pullback ended at 40701. Wave ((iii)) higher ended at 42184, and wave ((iv)) pullback ended at 41890. Final leg wave ((v)) ended at 42270 which completed wave 1 in higher degree. Pullback in wave 2 unfolded as an expanded flat where wave ((a)) ended at 41893, wave ((b)) ended at 42416 and wave ((c)) ended at 41850. Index has resumed higher in wave 3 of (3). Near term, as far as pivot at 40028 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
Dow Futures (YM) 60 minutes Elliott Wave chart
Dow Futures (YM) Elliott Wave [Video]
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