Elliott Wave View: Dow Jones Future YM_F Rally Should Fail
Short 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.
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.
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