Short term Elliott wave view in Dow Jones Future (YM_F) suggests that the Index has ended wave ((4)) correction at 28411. The internal of wave ((4)) unfolded as a double zigzag Elliott Wave structure. Wave (W) of ((4)) ended at 28796, wave (X) of ((4)) ended at 29007, and wave (Y) of ((4)) ended at 28411. The Index has resumed higher in wave ((5)) with subdivision as a 5 waves impulse. Up from 28411, wave 1 ended at 2888 and wave 2 pullback ended at 28432.
Near term, while dips stay above 28411 in the first degree, expect the Index to resume higher. The Index still needs to break above previous wave ((3)) high on January 17 at 29362 to avoid a double correction. As an alternate, Index can do a larger double correction within wave ((4)). In this alternate case, the current rally may end at 100% - 123.6% Fibonacci extension from January 27 low at 28913 - 29027 as a zigzag. From here, the Index can then turn lower again. We show the most aggressive view to go with the trend and call wave ((4)) ended. As far as pivot at 28411 low remains intact, Index should extend higher.
YM_F 1 Hour Elliott Wave Chart
