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Elliott Wave View: Further Downside in Dow Jones Futures (YM_F)

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Elliott Wave view on Dow Jones Future (YM_F) suggests that the sequence from April 24, 2019 high (26694) remains incomplete and Index can see further downside. Short term, the rally to 25720 ended wave ((ii)) and wave ((iii)) ended at 24937. Internal of wave ((iii)) unfolded asElliott Wave impulse structure. Down from 25720, wave (i) ended at 25592, wave (ii) ended at 2554, wave (iii) ended at 25159, wave (iv) ended at 25219, and wave (v) ended at 24937.

Index has resumed lower and broken the previous low on May 14 (25215), suggesting the next leg lower has started.Wave ((iv)) bounce appears complete at 25154 at the blue box area after a 3 waves bounce. Index still needs to break below wave ((iii)) at 24937 at this stage to avoid a double correction in wave ((iv)). We dont like buying the index, and short term, while rally fails below 25720, expect Index to extend lower. If Index breaks above 25154 instead, then wave ((iv)) still remains in progress as a double zigzag Elliott Wave structure. In this alternate scenario, Index should still resume lower as far as the rally fails below 25720.

Dow Jones Future (YM_F) 1 Hour Elliott Wave Chart

Dow Jones 30 May

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a 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 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. 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, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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