Short term YM_F (Dow E-Mini Future) Elliott Wave view suggests the rally from 6/29 low is unfolding as a double three Elliott wave structure and ended with Minor wave W at 21628. Down from there, Minor wave X pullback unfolded as a running Elliott Wave flat. Minute wave ((a)) ended at 21457, Minute wave ((b)) ended at 21624, and Minute wave ((c)) of X ended at 21444. Index has since made a new high suggesting the next leg higher has started. Up from 21444 low, Minutte wave (a) ended at 21640. While Minutte wave (b) pullback stays above 21444, expect Index to extend higher again.
Alternatively, the new high at 21640 could still be Minute ((b)) and part of a flat from 21628 high. In this case, we could still see Minute wave ((c)) lower in 5 waves before Index resumes the rally. We don’t like selling the Index and expect more upside against 21444 low in the first degree.
Dow E-Mini Future 1 Hour Elliott Wave Chart
