The cycle from the April 2025 low in Dow Futures (YM) continues to unfold as a clear impulse. Within this structure, wave (4) concluded at 45,810, as illustrated by the one‑hour chart. Following that completion, wave (5) began to develop as another sequence of five waves of lesser degree. From the termination of wave (4), wave (i) advanced to 46,656, while the corrective pullback in wave (ii) reached 46,165. The Index then extended upward in wave (iii), achieving 47,796, before a modest retracement in wave (iv) ended at 47,270.
The final push in wave (v) carried prices to 48,184, thereby completing wave ((i)) of higher degree. Subsequent declines in wave ((ii)) unfolded in the form of a zigzag, consistent with Elliott Wave principles. From the peak of wave ((i)), wave (a) dropped to 47,663, followed by a rebound in wave (b) that reached 48,004. The final leg, wave (c), declined to 47,504, marking the completion of wave ((ii)) at the higher degree.
The Index has since resumed its upward trajectory in wave ((iii)). From the low of wave ((ii)), wave (i) advanced to 48,245, while the corrective wave (ii) ended at 47,859. In the near term, as long as the pivotal low at 45,810 remains intact, dips are expected to attract buyers. These corrective phases should unfold in the familiar 3, 7, or 11 swing sequences, supporting the continuation of the broader bullish cycle.
