Elliott Wave View: Near term rally in Dow Futures (YM) should fail [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott Wave view on Dow Futures suggests the decline from 8.17.2022 high is unfolding as a zigzag Elliott Wave structure. Down from 8.17.2022 high, wave A ended at 31221. Wave B corrective rally ended at 32791 with internal subdivision as an expanded Flat structure. Up from wave A, wave ((a)) ended at 32029. Wave ((b)) extended below wave A in 3 swing and ended at 30975. Index then rallied in wave ((c)) as a 5 waves impulse.

Up from wave ((b)), wave (i) ended at 31681 and pullback in wave (ii) ended at 31303. Index extended the rally higher in wave (iii) towards 32612, dips in wave (iv) ended at 32488 as triangle, and final leg higher wave (v) ended at 32791 which completed wave ((c)) of B. YM has started to turn lower in wave C. Internal subdivision of wave C should unfold in 5 waves. Expect wave ((i)) of C to end soon with a marginal low, then Index should rally to correct cycle from 9.13.2022 high in 3, 7, or 11 swing in wave ((ii)) before turning lower again. As far as pivot at 32791 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.

Dow Futures 60 minutes Elliott Wave chart

YM Elliott Wave video

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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