Dow Futures $YMmain Sequence Remains Bullish
Chart of The Day 5 December: Dow Futures $E-mini Dow Jones - main 2312(YMmain)$ sequence remains bullish
Dow Futures (YM_F) shows incomplete sequence from 10.3.2022 low favoring further upside. Rally from 10.3.2022 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from 10.3.2022 low, wave (1) ended at 35228 and dips in wave (2) ended at 32409. Wave (3) higher is in progress as an impulse in lesser degree. Up from wave (2), wave 1 ended at 34315 and dips in wave 2 ended at 33913. Index then resumed higher in wave 3 towards 36338.
The 45 minutes chart below shows the move higher in wave 3. Up from wave 2, wave ((i)) ended at 35456 and pullback in wave ((ii)) ended at 35309. Up from wave ((ii)), the Index is nesting in wave (i) at 35641 and dips in wave (ii) ended at 35456. Index then resumed higher in wave (iii) towards 36058 and dips in wave (iv) ended at 36015. Wave (v) higher ended at 36101 which completed wave ((iii)). Pullback in wave ((iv)) ended at 35963. Wave ((v)) higher ended at 36337 which completed wave 3 in higher degree. Pullback in wave 4 is currently in progress as a zigzag structure. Down from wave 3, wave ((a)) ended at 36093 and wave ((b)) rally ended at 36299. Wave ((c)) lower is expected to complete at the 100% extension area at 35857 – 36026 where wave 4 should end. From there, the Index should see further upside or 3 waves rally at least.
Dow Futures $E-mini Dow Jones - main 2312(YMmain)$ 45 Minutes Elliott Wave Chart
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Now is no longer the best time to be long on it
Let's see how high the Dow Jones can rise
A callback will come at any time, so be careful.
I think it will encounter a lot of pressure from above
The trend of Dow Jones is still very eye-catching
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