YM_F Dow Short term Elliott Wave view suggests that Intermediate wave (4) ended at 23204. Rally from there is unfolding as a leading diagonal Elliott wave structure. Minute wave ((i)) ended at 23464, Minute wave ((ii)) ended at 23241, Minute wave ((iii)) ended at 23599, Minute wave ((iv)) ended at 23432, and Minute wave ((v)) ended at 23616. The 5 waves leading diagonal rally also ended a higher degree Minor wave 1.
Minor wave 2 pullback is currently in progress to correct cycle from 11/15 low (23204) in 3, 7, or 11 swing before Index resumes the rally higher or at least bounce in 3 waves. The 50 – 76.4% retracement at 23302 – 23410 could be a potential area where Minor wave 2 may end, although the pullback doesn’t need to go that low. We don’t like selling the proposed pullback and expect buyers to appear once Minor wave 2 pullback is complete in 3, 7, or 11 swing provided pivot at 23204 low stays intact.