Short term Elliott wave view in DJIA (Dow Jones Industrial Average) suggests that the rally from 1/19 low is unfolding as a 5 waves Elliott wave impulse structure where Minute wave ((i)) ended at 20125.28, Minute wave ((ii)) ended at 19784.7, and Minute wave ((iii)) remains in progress. Internal of wave ((iii)) shows an extension and subdivided also as an impulse structure where Minuette wave (i) ended at 20155.3, Minuette wave (ii) ended at 20015.3, Minuette wave (iii) ended at 20639.8 and Minuette wave (iv) ended at 20543.2. A break above Minuette wave (iii) at 20639.8 is needed to add conviction to this view that the Index has started the rally higher. Near term, while Index remains above 20543.2, but more importantly above 20015.3, expect the Index to continue higher within wave ((iii)). We don’t like selling the Index.
DJIA 1 hour chart
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