Dow Futures Elliott Wave View: Pullback Should Find Support
Hello Traders,
Short-term Elliott Wave view on YM_F (Dow Futures ) suggests that the pullback to 24956 low ended red wave 4. Up from there, Index is rallying within red wave 5 to end a 5 waves up from 4/2/2018 low. Black 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 blue 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. blue wave (ii) & (iv).
Up from 24956, blue wave (i) ended at 25326, blue wave (ii) ended at 25243, blue wave (iii) ended at 25657, blue wave (iv) ended at 25506, and blue wave (v) remains in progress but it is in the area where it can end soon. Consequently, the move higher should complete black wave ((i)). The Index should then pullback in black 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.
Short-term Elliott Wave view on YM_F (Dow Futures ) suggests that the pullback to 24956 low ended red wave 4. Up from there, Index is rallying within red wave 5 to end a 5 waves up from 4/2/2018 low. Black 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 blue 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. blue wave (ii) & (iv).
Up from 24956, blue wave (i) ended at 25326, blue wave (ii) ended at 25243, blue wave (iii) ended at 25657, blue wave (iv) ended at 25506, and blue wave (v) remains in progress but it is in the area where it can end soon. Consequently, the move higher should complete black wave ((i)). The Index should then pullback in black 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.
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