HomeContributorsTechnical AnalysisElliott Wave View: Dow Future

Elliott Wave View: Dow Future

Short term Dow Futures (YM_F) Elliott Wave view suggests that rally from 6/29 low is unfolding as a a double three Elliott wave structure. Up from 6/29 low (21138), Minor wave W ended at 22132 and pullback to 21790 ended Minor wave X. Rally from there is unfolding as an impulse Elliott wave structure. Up from 21790, Subminutte wave i ended at 21884, Subminutte wave ii ended at 21815, Subminutte wave iii ended at 22034, Subminutte wave iv ended at 21942, and Subminutte wave v of (a) ended at 22067. Minutte wave (b) is in progress to correct cycle from 8/11 low in 3, 7, or 11 swing before the Index resumes the rally. We don’t like selling the proposed pullback and expect buyers to appear once Minutte wave (b) pullback is complete in 3, 7, or 11 swing provided pivot at 21787 low stays intact.

Dow Futures 1 Hour Elliott Wave Chart

Double Three is the most important pattern in the new Elliott wave theory and probably the most common pattern in the market these days. Double three is also known as a 7 swing structure. It is a very reliable pattern that gives traders good opportunity to trade with a well defined invalidation level and target areas. The image below shows what Elliott Wave Double Three looks like. It has (W), (X), (Y) labels and an internal structure of 3-3-3, which means that all 3 legs has corrective sequences. Each (W) and (Y) is made of 3 waves oscillations & has structure of A, B, C or another W, X, Y of a lesser extent.

Elliott Wave Forecast
Elliott Wave Forecasthttps://elliottwave-forecast.com
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading