Short Term Elliott Wave View in Dow Futures (YM) suggests the cycle from April 21, 2022 high is unfolding as a zigzag Elliott Wave structure. Down from April 21 high, wave (A) ended at 33015 and rally in wave (B) ended at 33968. Internal of wave (B) is unfolding as a zigzag in lesser degree. Up from wave (A), wave A ended at 33611, pullback in wave B ended at 33155, and wave C rally ended at 33968.
Wave (C) lower is in progress with internal subdivision as a 5 waves impulse. Down from wave (B), wave ((i)) ended at 33672 and rally in wave ((ii)) ended at 33903. Wave ((iii)) lower ended at 32820, wave ((iv)) ended at 33145, and wave ((v)) of 1 ended at 32358. Index is now correcting the decline from April 29 peak in wave 2 before it resumes lower. Up from wave 1, wave ((a)) ended at 33148 and wave ((b)) dips ended at 32806. Expect wave ((c)) to continue higher with possible target to 33591 – 33776 to end wave 2 before the decline resumes. Near term, as far as pivot at 33968 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.
