Elliott Waves (short-term) In a five-wave impulse Elliott Wave structure, the Dow Futures (YM) cycle from the March 2020 bottom appears to be intact. Wave ((4)) of this impulse ended at 32891 on the 45-minute chart below. In wave ((5)), the Index has turned higher, with the internal unfolding as a smaller impetus. To rule out a deeper correction, it still needs to break above the previous wave ((3)) peak at 35000 on May 10th. Wave I concluded at 33380, up from the trough of wave ((4)), and the pullback in wave (ii) ended at 33289.
In wave (iii), the index resumes its upward trend towards 33863, while wave (iv) declines to 33627. The final leg of the upper wave (v) finished at 33962, completing wave I Wave ((ii)pullback )’s came to a close at 33752. The index then resumes its rise higher in wave ((ii)) towards 34240, after which it pulls back to 34133 in wave ((iv)). Wave ((v)final )’s surge higher concluded at 34411, completing wave 1 to a greater extent. Before the rally resumes, the index is correcting cycle from the June 21 low. Dips should find support in the 3, 7, or 11 swing for more upside if the pivot at 32891 low remains solid.
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