Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Dow Jones Futures ( $YM_F ) published in members area of the Elliottwave-Forecast.com . As our members know, INDU is showing incomplete bullish sequences in the cycle from the December 2018 low. Consequently we recommended members to avoid selling the Futures and keep buying the dips in the sequences of 3,7,or 11 swings , whenever opportunity presented itself. The price found buyers right at the Blue Box area and we got turn higher when Futures made new All-Time High. In further text we’re going to explain Elliott wave Forecast.
Dow Jones Futures ( $YM_F ) 1 Hour Elliott Wave Analysis 1.08.2019
INDU has given us 3 waves down from the peak, when wave B of (4) has unfolded as irregular Flat pattern. The price has already reached blue box area at 28270-27982 ( buying zone). We are calling wave (4) blue pull back completed at 28087 . Bounce has already reached 50 fibs against the B red high, so members who entered long trades should be already risk free. We would like to see further separation higher from the mentioned low , looking for a break above January 2nd peak.
As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. The main trend is bullish and we expect to see reaction in 3 waves up from the blue box at least.
Dow Jones Futures ( $YM_F ) 1 Hour Elliott Wave Analysis 1.10.2019
Eventually we got further separation higher and the pair broke 01/02 high as we expected. Current view suggests INDU should be ending short term cycle from the 28084 low as 5 waves rally. We expect to get 3 waves down in wave 2 red soon, which should provide us with buying opportunities again.
Dow Jones Futures ( $YM_F ) 1 Hour Elliott Wave Analysis 1.11.2019
INDU ended cycle from the 28084 as 5 waves rally as expected. We are getting wave 2 red pull back when now we could be ending first leg ((a)) of 2. We don’t recommend selling futures in any proposed push lower and favor the long side as far as pivot at 28084 low holds.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room.
Elliott Wave Forecast