Short term YM (Dow Futures) Elliott Wave view suggests the rally from 4/19 low is unfolding as a diagonal Elliott Wave structure where Minor wave 1 ended at 21010 (4/26), Minor wave 2 ended at 20474 (5/18), Minor wave 3 ended at 21270 (6/8), and Minor wave 4 ended at 21081 (6/8). Minor wave 5 is in progress and subdivided into a zigzag Elliott Wave structure. Up from 6/8 low, Minute wave ((a)) is expected to complete at 21360 – 21404. Index should then pullback in Minute wave ((b)) to correct cycle from 6/8 low before the rally resumes. We don’t like selling the proposed pullback. Buyers should appear once Minute wave ((b)) pullback is over in 3, 7, or 11 swing.
Dow Futures Hourly Chart