Elliott Wave Analysis Expects Dow Futures (YM) to Pullback in Wa
Short Term Elliott Wave in Dow Futures (YM) suggests rally from 4.19.2024 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from 4.19.2024 low, wave ((i)) ended at 38801 and pullback in wave ((ii)) ended at 37866. Index extends higher again in wave ((iii)) with internal subdivision as an impulse in lesser degree. The 1 hour chart below shows the subdivision of wave ((iii)).
Up from wave ((ii)), wave i ended at 38527 and dips in wave ii ended at 38037. Index then extended higher in wave iii towards 39127 and pullback in wave iv ended at 38936. Final leg wave v ended at 39781 which completed wave (i). Index then pullback in wave (ii) towards 39405 and extended higher in wave (iii) towards 40191. Wave (iv) pullback ended at 39955. Final leg wave (v) ended at 40213 which completed wave ((iii)) in higher degree. Expect wave ((iv)) pullback to unfold in 3 swing before Index resumes higher in wave ((v)). Near term, as far as pivot at 37847 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.
Up from wave ((ii)), wave i ended at 38527 and dips in wave ii ended at 38037. Index then extended higher in wave iii towards 39127 and pullback in wave iv ended at 38936. Final leg wave v ended at 39781 which completed wave (i). Index then pullback in wave (ii) towards 39405 and extended higher in wave (iii) towards 40191. Wave (iv) pullback ended at 39955. Final leg wave (v) ended at 40213 which completed wave ((iii)) in higher degree. Expect wave ((iv)) pullback to unfold in 3 swing before Index resumes higher in wave ((v)). Near term, as far as pivot at 37847 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.
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