Dow Future Short Term Elliott Wave view suggests that the decline to 23205 ended Intermediate wave (4). Intermediate wave (5) is in progress as an Ending Diagonal Elliott Wave structure where Minor wave 1 ended at 24536 and Minor wave 2 ended at 24073. The Index has broken above Minor wave 1 at 24536 which suggests the next leg higher has started.
Near term, rally from 24071 low remains active as 5 waves impulse Elliott Wave Structure and expect a little more upside before Minute wave ((i)) ends. Afterwards, Index should pullback in Minute wave ((ii)) in 3, 7, or 11 swing to correct cycle from 12/7 low (24071) before the rally resumes. We don’t like selling the pullback and expect Index to find buyers in Minute wave ((ii)) pullback in 3, 7, or 11 swing as far as pivot at 24071 low stays intact.
YM_F Dow Future 1 Hour Elliott Wave Chart
