Short term Elliott Wave view on Dow Jones Future (YM_F) suggests that rally from March 9, 2019 low is unfolding as a 5 waves impulse Elliott Wave structure. In the chart below, we can see wave (2) ended at 25377. Wave (3) remains in progress and subdivides in 5 waves of lesser degree. Up from 25377, wave 1 ended at 25822, wave 2 ended at 25441, wave 3 ended at 26302, and wave 4 ended at 26140.
Wave 5 of (3) is currently in progress as a 5 waves. Up from 26140, wave (i) ended at 26324 and wave ((ii)) ended at 26196. Near term, while pullback stays above 26140, expect the Index to extend higher to end wave 5 of (3). Index should then do a larger pullback in wave (4) to correct cycle from March 25, 2019 low. Afterwards, as far as pivot at 25377 low stays intact, expect Index to extend higher again in wave (5). We don’t like selling the Index.