The short-term cycle in Dow Futures (YM) from the November 21, 2025 low is unfolding as a diagonal. From that low, wave ((i)) advanced and concluded at 48,184. A corrective pullback in wave ((ii)) ended at 47,514, as shown on the one-hour chart. Momentum then carried the Index higher, with wave ((iii)) terminating at 49,294. The subsequent correction in wave ((iv)) developed into a zigzag Elliott Wave formation. Wave (a) declined to 48,127, wave (b) rallied to 49,086, and wave (c) dropped to 48,092. This sequence completed wave ((iv)) at a higher degree.
Wave ((v)) is now progressing with internal subdivision into a five-wave impulse. From the completion of wave ((iv)), wave (i) advanced to 48,687. The minor dip in wave (ii) found support at 48,556. Strength resumed as wave (iii) extended to 49,459. A modest retracement in wave (iv) ended at 49,201. The Index should continue higher in the final wave (v) of ((v)). This move should complete the cycle originating from the November 21 low. Once the upward sequence concludes, a larger degree correction is anticipated. That correction may unfold in 3, 7, or 11 swings, consistent with Elliott Wave guidelines. The potential upside target for the final leg is projected at the 123.6% to 161.8% inverse retracement of wave (iv). This zone lies between 49,518 and 49,614.
