Short-term Elliott Wave view on YM_F (Dow Futures) suggests that the pullback to 24956 low ended Minor wave 4. Up from there, Index is rallying within Minor wave 5 to end a 5 waves up from 4/2/2018 low. Minute wave ((i)) of 5 is currently in progress with internal subdivision as an impulse structure, This suggests lesser degree cycles in the direction of trend should unfold in 5 waves structure, i.e Minutte wave (i), (iii) & (v). On the other hand, the sub-division of lesser degree cycles against the trend should unfold in 3 waves corrective sequence, i.e. Minutte wave (ii) & (iv).
Up from 24956, Minutte wave (i) ended at 25326, Minutte wave (ii) ended at 25243, Minutte wave (iii) ended at 25657, Minutte wave (iv) ended at 25506, and Minutte wave (v) remains in progress towards 25828 – 26016. The move higher should also complete Minute wave ((ii)). Index should then pullback in Minute wave ((ii)) to correct cycle from 8/15/2018 low before the rally resumes. We don’t like selling the proposed pullback and expect dips to find support in 3, 7, or 11 swing as far as pivot at 24956 low stays intact.
Dow Futures 1 Hour Elliott Wave Chart
