In this video we take a look at running FLAT Elliott Wave structure (3-3-5). In a running FLAT structure, wave C would fail to break the ending point of wave A. Dow (INDU) is showing an impulsive Elliott wave structure (5 wave move) up from 17037 (2/2) low and as far as RSI divergence remains intact we think it would end as a 5 wave move which could be start of a new cycle higher or complete a FLAT correction from 1/16 low. We don’t like to label FLATs against the trend which is still higher in Dow but to count the correction completed at 17037 low, wave (Y) lower from 12/26 peak looks too big in time so new lows toward 16969 – 16767 are still very likely and if seen would offer a good opportunity to get long. Regardless of which count is in play Elliott Wave Hedging is calling for a drop in 3 waves at least (as far as RSI divergence in the current cycle remains intact). When we have reached 50-61.8 fib (17049 – 17321) area, depending on pivot at 17037 low holding or giving up, we would know which count would play out.