Dow Jones Nearing Completion of 5 Waves Impulse
Dow 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.
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.
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