Analysis of Short Term Elliott Wave View in E-Mini Dow Jones Futures

The Short Term Elliott Wave View in E-Mini Dow Jones Futures (YM) suggests that the trend is positioned to continue its upward trajectory within the sequence initiated from the April 2024 low. Specifically, the current scenario favors an upward movement in wave 5 of (5) since April 18, 2024 low, while emphasizing the importance of maintaining dips above the 40053 low.

The analysis identifies significant wave placements within the recent movements of the market. This includes the placement of wave 1 at 40213 high, wave 2 at 38111 low, wave 3 at 41672 high, and the completion of wave 4 as a clear 3 swing zigzag pullback at 40053 low. Additionally, there is anticipation for an upward rally in wave 5 to avoid any potential double correction, as long as the market remains above the 40053 low.

Further insights into the correction pattern reveal the subdivision of wave 4 into ((a)), ((b)), and ((c)) segments. The analysis points out the missed equal leg areas in wave 4 before the market resumes its upward trajectory. Moreover, within the corrective pullback of ((ii)), the market is expected to bounce in (b) before a subsequent decline in (c) to complete the ((ii)) correction.

Projection and Targets

The overall projection indicates the potential for an extended rally towards the 42052 – 42671 area to conclude the impulse movement that commenced from the April 2024 low. However, there is a scenario considered where a break below the 40053 low could result in a double correction towards 39432 or lower levels before the market reverts back to an upward trend.

The Short Term Elliott Wave View in E-Mini Dow Jones Futures provides a detailed analysis of the current trend, wave placements, correction patterns, and projected targets. Traders and investors are advised to monitor the key levels mentioned in the analysis to navigate potential market movements effectively. By staying informed and utilizing technical analysis tools, market participants can make well-informed decisions in alignment with the Elliott Wave principle.