Dow Futures (YM) shows an incomplete bearish sequence from the 1.5.2022 high favoring further downside. The decline from the 8.16.2022 high is in progress as an Elliott wave zigzag structure. Down from the 8.16.2022 high, wave 1 ended at 30975, and rally in wave 2 ended at 32789. Index extends lower again in wave 3 towards 28886 low & made a bounce higher. That short-term bounce from the lows ended in an expanded flat correction.
Up from wave 3, wave ((a)) ended at 29883, and dips in wave ((b)) ended at 28635. Index extends higher in wave ((c)) towards 30512 high and ended the bounce in wave 4. Near-term, as far as it remains below 30512 high then more downside is expected to take place ideally towards the inverse 1.236%- 1.618% Fibonacci extension area of wave 4 ( 28179- 27458). Before the cycle from 8.16.2022 high ends in 5 wave sequence within wave (A) & made a bounce higher in wave (B).
