The short term Elliott Wave view in E-Mini Dow Jones Futures (YM) indicates that the trend is expected to continue higher within the sequence that started from the April-2024 low as part of the daily sequence. The analysis suggests an upside movement in wave 5 of (5) since the 18th of April, 2024 low as long as dips remain above the 40053 low.
Starting from the April-2024 low of (4), the analysis indicates the placement of 1 at 40213 high, 2 at 38111 low as a dip pullback, and 3 at 41672 high. The sequence saw the end of a clear 3 swing zigzag pullback at 40053 low, hinting towards an upside move in 5. It is important to confirm movements above the 41672 high to steer clear from any double correction scenario if the price breaks below the 40053 low.
Within the 4 correction phase, the analysis reveals that ((a)) was placed at 40466 low, ((b)) at 40795 high, and ((c)) at 40053 low. It is noted that the sequence missed the equal leg areas in 4 before resuming the upward trajectory. Above the 4 low, ((i)) of 5 was placed at 41051 high, with expectations of a corrective pullback in ((ii)) that should hold above the 40053 low to extend higher in ((iii)).
The analysis suggests that as long as the price remains above the 40053 low, it should continue higher in 5, potentially reaching levels around 42052 – 42671 to complete the impulse that began from the April-2024 low before a corrective move lower. However, in the event of a break below the 40053 low, a double correction towards 39432 or lower levels could be on the horizon before a possible turn higher.
The short term Elliot Wave view in E-Mini Dow Jones Futures (YM) provides a detailed insight into the current trend and potential future movements based on the identified patterns and corrections within the sequence. Traders and investors can use this analysis to make informed decisions regarding their positions in the market.