Short Term Elliott Wave view in Dow Futures (YM) suggest that rally from 6.17.2022 low is unfolding as a double three Elliott Wave structure. Up from 6.17.2022 low, wave W ended at 31867 and dips in wave X ended at 30109. Internal of wave X unfolded as a zigzag structure. Wave ((a)) ended at 30331, wave ((b)) ended at 31490 and wave ((c)) lower ended at 30109. This completed wave X in higher degree. Wave Y is in progress with internal subdivision as a zigzag structure.
Up from wave X, wave (i) ended at 30726 and dips in wave (ii) ended at 30495. Index extends higher in wave (iii) towards 31264, wave (iv) ended at 31113, and final leg higher wave (v) ended at 31614 which completed wave ((a)). Pullback in wave ((b)) ended at 30949. Wave ((c)) higher is in progress as a diagonal. Up from wave ((b)), wave (i) ended at 31980 and pullback in wave (ii) ended at 31504. Index then extends higher towards 32193 to end wave (iii). Expect wave (iv) pullback to end soon, and Index should resume higher in wave (v) of ((c)) to end wave Y. Potential target higher is 100% – 161.8% Fibonacci extension of wave W from 6.17.2022 low. This area comes at 32321 – 33691 where sellers can appear for further downside or 3 waves pullback at least.
