Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of DJI Mini Futures ( $YM_F ). As our members know DJI is showing incomplete bullish sequences in the cycle from the December 2018 low . Break of 02/25 peak, has made DJI bullish against the 03.08 low( 25223 ). Consequently, we advised members to avoid selling DJI and keep on favouring the long side. In the following article, we’re going to explain the Elliott Wave structure and Forecast.
DJI 1 Hour Elliott Wave Analysis 4.18.2019
DJI ended cycle from the 26058 as 5 waves structure and gave us pull back against that low. Short term pull back has unfolded as Elliott Wave ZIGZAG Pattern ((a))((b))((c)). Pull back has reached important technical area, blue box : 26358-26259. It’s already showing reaction from there, and also having enough number of swings in place. At this moment we are calling pull back completed. However need to see further separation from the current low and ideally break above 1 red ( 04/05) peak to confirm next leg higher is in progress. We don’t recommend selling the index at this stage and favor the long side against the 26058 low. Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. The main trend is bullish and we expect to see reaction in 3 waves up from the blue box at least. As soon as the bounce reaches 50 fibs against the ((b)) high, we will make long positions risk free and let the profit run.
DJI 1 Hour Elliott Wave Analysis 4.18.2019
Buyers appeared right at the blue box when pull back completed at 26312 low. We got expected rally and as a result members are now enjoying profits in risk free positions. Recently we got a new short term high with a break above 04/05 peak, confirming next leg up is in progress. At this stage DJI can remain bullish against the 263123 pivot in first degree, suggesting more strength potentially. Intraday pull backs can find buyers in 3,7,11 swings for proposed rally or 3 wave bounce at least.
Keep in mind that market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.
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