Dow Jones Futures (YM_F) ended the cycle from February 13, 2020 high at 18086 as wave a. Down from February 13 high, wave ((1)) ended at 24675 and wave ((2)) ended at 27075. Wave ((3)) ended at 18766 and bounce in wave ((4)) ended at 20882. Finally, wave ((5)) of a ended at 18086. Wave b bounce remains in progress as a zigzag Elliott Wave structure. Up from 18066, wave ((A)) ended at 22545 as a 5 waves impulse. Wave (1) ended at 19804, and wave (2) pullback ended at 18101. Index then resumes higher in wave (3) towards 21892 and pullback in wave (4) ended at 20510. Finally, wave (5) of ((A)) ended at 22545.

Wave ((B)) pullback is proposed complete at 20778 and unfolded as a double three Elliott Wave structure. Down from 22545, wave (W) ended at 21316 and bounce in wave (X) ended at 22185. Wave (Y) of ((B)) ended at 20778. Index still needs to break above wave ((A)) at 22545 to confirm the next leg higher has started. Near term, expect wave ((C)) to extend higher and while dips stay above 20778, and more importantly above 18066 low, expect the Index to extend higher within wave ((C)). Potential target higher is 100% – 123.6% of ((A))-((B))-((C)) towards 25215 – 28078.

Dow Jones Futures (YM_F) 1 Hour Elliott Wave Chart

Dow Jones Futures (YM_F) Elliott Wave Video

Short term Elliott Wave view in Dow Futures (YM_F) suggests the Index ended the cycle up from October 3, 2011 low in wave (III) at 29543 high.  The index is correcting that cycle in wave (IV) as a zig-zag. Wave a of (IV) ended at 26692 low. The internal subdivision of wave a unfolded as a 5 waves impulse Elliott Wave structure. Wave ((1)) of a ended at 29100 and the bounce in wave ((2)) ended at 29434. The index then extended lower in wave ((3)), which ended at 26976 low and followed by a bounce in wave ((4)), which ended at 27333 high. The index then pushed lower in wave ((5)) and ended at 26692 low. From there, the index bounced in wave b and ended at 27519 high.

Down from wave b high, the index resumed lower in wave c, which is still in progress. Wave ((1)) of c ended at 26468 low. It then bounced in wave ((2)) and ended at 26859 high. From there, the index extended lower in wave ((3)), which subdivides in lesser degree 5 waves. Wave (1) of ((3)) ended at 25979 low and the bounce in wave (2) ended at 26754 high. Down from there, wave (3) resumed lower and ended at 25379 low. Wave (4) bounce then ended at 25772 high.  Currently, wave (5) of ((3)) remains in progress and will be followed by a bounce in wave ((4)) when completed later.  While below 27519 high, the bounce in 3,7, or 11 swings is expected to fail. The index can see more downside to complete wave (IV) correction before upside resumes.  Potential area where wave c can end is 100% – 161.8% Fibonacci extension of wave a-b which comes at 23349-24943 area.

INDU (YM_F) 1 Hour Elliott Wave Chart

INDU (YM_F) 1 Hour Elliott Wave Chart

Short term Elliott wave view in Dow Jones Future (YM_F) suggests that the Index is trading within a wave ((4)), and should be seeing more downside next week into a Technical seven swing buy. The 1 Hour view is calling for a bounce early next week, then more downside into the Buy. As far as, 28889 is holding sellers should be in control.

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Elliott Wave view on Dow Jones Futures ($YM_F) suggests that the rally from October 3, 2019 low is unfolding as an impulse Elliott Wave structure. In the 1 hour chart below, rally to 28893 ended wave (3) and pullback to 28084 ended wave (4). Index has resumed higher within wave (5).

Up from 28084 low, wave ((i)) ended at 28469 and pullback in wave ((ii)) ended at 28317. Index should see a few more highs to end wave ((iii)), then it should pullback in wave ((iv)) before the next leg higher in wave ((v)) to complete wave 1 of (5). Index then should retrace in wave 2 of (5) to correct cycle from January 8, 2020 low before the rally resumes. We don’t like selling the proposed pullback.

As far as pivot at 28084 low stays intact, expect dips to find buyers in 3, 7, or 11 swing for further upside within wave (5). Alternatively, instead of ending wave 1 of (5), Index can end the entire wave (5). In this scenario, Index should see larger pullback to correct the cycle from October 3, 2019 low in 3, 7, or 11 swing before the next leg higher.

Dow Jones Futures ($YM_F) 1 Hour Elliott Wave Chart

Dow Jones Future ($YM_F) Elliott Wave Video

Elliott Wave View on Dow Jones Future (YM_F) suggests the rally from October 3 low is unfolding as a 5 waves impulsive Elliott Wave.  On the 1 hour chart below, we can see wave ((iii)) of this impulse ended at 27079 and wave ((iv)) pullback ended at 26588. Internal of wave ((iv)) unfolded as a zigzag where wave (a) ended at 26876, wave (b) ended at 27088 and wave (c) ended at 26588. Index is now ending wave ((v)) which subdivided in another 5 waves in lesser degree.

Up from 26588, wave (i) ended at 27230, and wave (ii) pullback ended at 26847. Index then resumed higher again in wave (iii) towards 27493. Near term, while wave (iv) dips stay above 26844, expect Index to extend higher 1 more time before ending wave (v) of ((v)). The move higher will also complete wave 1 and end the entire 5 waves up from October 3 low. Afterwards, it should pullback in wave 2 to correct cycle from October 3, 2019 low before the rally resumes. Potential target higher is 100% Fibonacci Extension from August 6 low towards 27945 – 28477.

YM_F 1 Hour Elliott Wave Chart

YM_F 1 Hour Elliott Wave Video