Dow Futures (YM) has broken to new all-time high above its previous high on February 13, 2020 at 29543. This suggests the bulls remain in control and the next bullish cycle has started. The 60 minutes chart below shows that the Index ended wave ((4)) at 25946 and it has resumed higher in wave ((5)).
Internal of wave ((5)) is unfolding as a 5 waves impulse Elliott Wave structure. Up from wave ((4)) low at 25946, wave 1 ended at 28630 and wave 2 pullback ended at 28520. Index resumed higher in wave 3 towards 29806, and wave 4 pullback ended at 29583. Wave 5 then ended at 30000. This ended wave (1) in higher degree.
Wave (2) pullback is now in progress to correct cycle from October 30 low as a zigzag. Down from wave (1) high at 30000, wave A ended at 28781, and wave B ended at 29570. Wave C lower is expected to end at 27606 – 28358 area where wave (2) should also complete. From there, the Index can resume to new high or bounce in 3 waves at least.