Elliott Wave View: Dow Futures (YM) Looking For More Downside

Short-term Elliott wave view in Dow Futures (YM_F) suggests that cycle from October 1, 2021 low ended with wave (1) at 36452. The Index is now correcting that cycle within wave (2). Internal subdivision of wave (2) unfolded as a zigzag Elliott Wave structure. First leg of the zigzag wave A subdivided into an impulse structure. Down from wave (1), wave ((i)) ended at 35823 and rally in wave ((ii)) ended at 36238. Index then resumes lower in wave ((iii)) towards 35593 and bounce in wave ((iv)) ended at 35880. FInal leg lower wave ((v)) ended at 35370 and this completed wave A.

Bounce in wave B ended at 35900 with internal subdivision as a double three Elliott Wave structure. Up from wave A, wave ((w)) ended at 35793 and pullback in wave ((x)) ended at 35532. Final leg higher wave ((y)) ended at 35900 and this completed wave B. While rally fails below 35900, and more importantly below 36452, expect the Index to continue lower in wave C of (2). Potential target for wave C of (2) is 100% – 161.8% Fibonacci extension of wave A at 34188 – 34840.

YM_F 60 Minutes Elliott Wave Chart

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