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Elliott Wave View: Dow Futures (YM_F) Resumes Correction LowerElliott Wave View in Dow Futures (YM_F) suggests the rally from 3.23.2020 low ended wave ((1)) at 24806 as an impulse structure. Up from 3.23.2020 low, wave (1) ended at 22545 and wave (2) dips ended at 20500. Index then extended higher in wave (3) towards 24327 and wave (4) pullback ended at 22814. Finally wave (5) higher ended at 24806. This final move also completed wave ((1)) in higher degree and ended cycle from 3.23.2020 low. The 30 minutes chart below shows where wave ((1)) ended at 24806. Index is currently correcting cycle from 3.23.2020 low within wave ((2)). The decline is unfolding as a zigzag structure where wave (A) ended at 23208, bounce in wave (B) ended at 24471, and wave (C) remains in progress. Internal of wave (A) unfolded as 5 waves where wave 1 ended at 24630, wave 2 ended at 24713, wave 3 ended at 23699, wave 4 ended at 23918, and wave 5 ended at 23208. Bounce in wave (B) took the form of a zigzag where wave A ended at 24057, wave B ended at 23428, and wave C ended at 24471. Down from wave B at 24471, wave 1 ended at 23973 and bounce in wave 2 ended at 24293. Near term, while bounce stays below 24806, expect the Index to extend lower in wave C. Potential target lower is 100% – 123.6% Fibonacci extension of (A)-(B) which comes at 21952 – 23919.
CBOT_MINI:YM1!
by Elliottwave-Forecast
Elliott Wave View: Dow Jones Futures Can See Further StrengthDow 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.
CBOT_MINI:YM1!
by Elliottwave-Forecast
Elliott Wave View: Dow Jones Futures (YM_F) Target LowerShort 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.
CBOT_MINI:YM1!
by Elliottwave-Forecast
Elliott Wave View: Dow Jones Futures (YM_F) Ended CorrectionShort term Elliott wave view in Dow Jones Future (YM_F) suggests that the Index has ended wave ((4)) correction at 28411. The internal of wave ((4)) unfolded as a double zigzag Elliott Wave structure. Wave (W) of ((4)) ended at 28796, wave (X) of ((4)) ended at 29007, and wave (Y) of ((4)) ended at 28411. The Index has resumed higher in wave ((5)) with subdivision as a 5 waves impulse. Up from 28411, wave 1 ended at 2888 and wave 2 pullback ended at 28432. Near term, while dips stay above 28411 in the first degree, expect the Index to resume higher. The Index still needs to break above previous wave ((3)) high on January 17 at 29362 to avoid a double correction. As an alternate, Index can do a larger double correction within wave ((4)). In this alternate case, the current rally may end at 100% – 123.6% Fibonacci extension from January 27 low at 28913 – 29027 as a zigzag. From here, the Index can then turn lower again. We show the most aggressive view to go with the trend and call wave ((4)) ended. As far as pivot at 28411 low remains intact, Index should extend higher.
CBOT_MINI:YM1!
by Elliottwave-Forecast
Elliott Wave View: Dow Jones Futures Correction to Find BuyersElliott wave view in Dow Jones Futures (YM_F) suggests that the decline to 24604 ended wave ((W)) on June 3. This decline ended the cycle from May 1 high as a 3 waves zigzag Elliott Wave structure. Wave ((X)) bounce is currently in progress to correct the cycle from May 1 high in 3, 7, or 11 swing. The internal of wave ((X)) rally is unfolding as a zigzag Elliott Wave structure. A zigzag is an ABC with 5-3-5 structure. Wave (A) of ((X)) is now in progress as a 5 waves impulse. Up from 24604, wave 1 ended at 24938 and wave 2 pullback ended at 24684. Rally then resumes in wave 3 to 26085, wave 4 ended at 25974, and wave 5 ended at 26289. The 5 waves move higher ended wave (A) of higher degree. Short term, Index is in wave B pullback to correct cycle from June 3 low (24604) in 3, 7, or 11 swing before turning higher again in wave (C). We don’t like selling the Index. As the rally from June 3 low is impulsive, expect wave (B) pullback to hold above 24604 for at least 1 more push higher in wave (C).
CBOT_MINI:YM1!
by Elliottwave-Forecast
Elliott Wave View: Dow Jones Future YM_F Rally Should FailShort term Elliott Wave view on Dow Jones Future (YM_F) calls for the bounce to 25952 as wave (B). This move higher is a correction to the decline from April 24, 2019 peak. In order to avoid a double correction in wave (B) and provide validity to this view, Dow Jones Future needs to break below wave ((i)) at 25215. However, technical analysis on US Sectors such as Financial (XLF), Technology (XLK), Consumer Discretionary (XLY) suggest they have broken lower. Thus, we think it’s likely that Dow Jones Futures also extends lower. Therefore, we don’t like buying the Index and expect sellers to appear in 3, 7, or 11 swing as far as pivot at 25952 peak stays intact.
CBOT_MINI:YM1!
by Elliottwave-Forecast
Forecast for YM this weekJust like ES1! and NQ1!, the trend is bullish. However we are at some resistance on the daily. There should be a lot of support at 24,860-24,900. Below there 24,750 has to hold or we will sell quite a bit. Testing the 200 day sma right now and the downtrend line from the ATH. We are currently more than 2/3 back from the reversal in December and the ATH. This area should be support as I mentioned above. If she continues higher, looking for a target of 25,200ish. I expect a bigger pullback coming in the next few weeks. As always let price discovery be your guide :-).
CBOT_MINI:YM1!Long
by PriceLevelTrading
Dow Futures Elliott Wave View: Pullback Should Find SupportHello Traders, Short-term Elliott Wave view on YM_F (Dow Futures ) suggests that the pullback to 24956 low ended red wave 4. Up from there, Index is rallying within red wave 5 to end a 5 waves up from 4/2/2018 low. Black wave ((i)) of 5 is currently in progress with internal subdivision as an impulse structure, This suggests lesser degree cycles in the direction of trend should unfold in 5 waves structure, i.e blue wave (i), ( iii) & (v). On the other hand, the sub-division of lesser degree cycles against the trend should unfold in 3 waves corrective sequence, i.e. blue wave (ii) & (iv). Up from 24956, blue wave (i) ended at 25326, blue wave (ii) ended at 25243, blue wave (iii) ended at 25657, blue wave (iv) ended at 25506, and blue wave (v) remains in progress but it is in the area where it can end soon. Consequently, the move higher should complete black wave ((i)). The Index should then pullback in black wave ((ii)) to correct cycle from 8/15/2018 low before the rally resumes. We don’t like selling the proposed pullback and expect dips to find support in 3, 7, or 11 swing as far as pivot at 24956 low stays intact.
CBOT_MINI:YM1!Long
by Elliottwave-Forecast
Dow Jones 1 Hour Elliott Wave AnalysisHello Traders, In this analysis, we will have a look at the Dow Jones 1 hour Elliott Wave chart. Dow Jones ended cycle from 04/02 low (23311) at the peak of 06/11 peak (25417). Below from that peak, the instrument is currently correcting the cycle from 04/02 in 7 or 11 swings before the rally resumes or bounce in 3 waves at least. Down from 06/11 peak, the decline is unfolding as Elliott Wave double correction, where sub-division of red wave W unfolded also in a double correction and ended at 06/19 (24564). Up from there, it ended red wave X pullback at the peak of 06/20 (24861). Below from that peak, a 5 wave’s structure can be completed soon in red wave v of blue wave (a). Once the blue wave (a) is complete, the index should bounce in blue wave (b) in 3, 7 or 11 swings before the decline resumes towards the equal legs area of red W-X cycle which comes at around 24010-23810.
CBOT_MINI:YM1!Short
by Elliottwave-Forecast
1
Dow Jones Nearing Completion of 5 Waves ImpulseDow Jones Futures Elliott Wave view suggests that the pullback to 24227 low on 5/29/18 ended in red wave 4 pullback. Above from there, the rally is unfolding as an impulse Elliott Wave structure with extension in the 3rd wave higher. As an impulse, the internal of Minute degree wave ((i)), (( iii )) and ((v)) should also unfold as an impulse with 5 waves structure. Up from 24227 low, black wave ((i)) ended in 5 waves structure at 24715. Down from there, the pullback to 24342 low ended black wave ((ii)). The rally from there shows a strong reaction to the upside which ended black wave ((iii)) at around 25418 high. The subdivision of black wave ((iii)) is showing an impulse structure where blue wave (i) ended at 24863, blue wave (ii) ended at 24709 and blue wave (iii) ended at 25327. Blue wave (iv) ended at 25093 and blue wave (v) of ((iii)) ended at 25418 high. Near-term cycle from 06/11/18 peak can be completed in black wave ((iv)) at 25255 low and ideally, it should now continue higher in black wave ((v)). However, as long as it stays below black wave ((iii)) peak a double correction lower in black wave ((iv)) can't be ruled out. Anyway, the right side remains to the upside. As far as a pivot from 24337 low stays intact, we expect the Index to see another push higher in black wave ((v)) to end a 5 waves impulse structure from 5/29/18 low. We don’t like selling the index and the right side remains to the upside.
CBOT_MINI:YM1!Long
by Elliottwave-Forecast