Dow Future Short term Elliott Wave view suggests that Intermediate wave (4) ended at 23204. The rally from there is proposed to be unfolding as a leading diagonal Elliott wave structure. Minute wave ((i)) ended at 23464, Minute wave ((ii)) ended at 23241, Minute wave ((iii)) ended at 23599 and Minute wave ((iv)) ended at 23572. Cycle from 11/15 low (23204) is mature and has reached 1.236 extension, but while pullbacks stay above 23618, Index still can see one more leg higher to end Minute wave ((v)).
The 5 waves leading diagonal rally from 23204 low should also end Minor wave 1 of larger degree. Index should then pullback in Minor wave 2 in 3, 7, or 11 swing before the rally resumes. We don’t like selling any proposed pullback and expect buyers to appear again once Minor wave 2 pullback is complete in 3, 7, or 11 swing provided pivot at 23204 low stays intact.
YM_F Dow Future 1 Hour Elliott Wave Chart
