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Elliott Wave View: Dow Futures (YM) Remains Bullish as We End YeShort term Elliott Wave view on Dow Futures (YM) suggests the rally from October 30 low is unfolding as a 5 waves impulse Elliott Wave structure. Wave (1) of this impulsive rally ended at 30333 and pullback in wave (2) ended at 29308. The Index has resumed higher in wave (3). Up from wave (2) low at 29308, wave ((i)) ended at 30198 and wave ((ii)) pullback ended at 29735. Index then resumed higher in wave ((iii)) which subdivide into another 5 waves of lesser degree. Up from wave ((ii)) low, wave (i) ended at 30182 and dips in wave (ii) ended at 29956. Wave (iii) ended at 30418, wave (iv) ended at 30278, and final leg wave (v) of ((iii)) ended at 30502. Wave ((iv)) pullback is currently in progress as a zigzag where wave (a) ended at 30166 and wave (b) ended at 30416. Expect another leg lower in wave (c) to complete wave ((iv)) before Index resumes the rally again. Potential target for wave (c) of ((iv)) is 100% – 161.8% Fibonacci extension of wave (a) which comes at 29877 – 30083. From this area, the Index can extend higher or bounce in 3 waves at least. As far as December 21 pivot low at 29308 remains intact, expect Index to extend higher.
CBOT_MINI:YM1!
by Elliottwave-Forecast
Spooky Trendline NKDSince 2018 NKD1! has been posting diminishing returns within their market. Though, these are new times none of us have witness when it comes to new economic and monetary policy. Do we reject this trend and print yet another lower high? Or does the Japanese market breakout? What is interesting is that during the US market correction that occurred at the start of September, NKD merely chopped. This appears to be a bullish sign, but we shouldn't enter a play at this moment. We will wait for either a breakout or a breakdown to position ourselves in the correct manner.
CME:NKD1!
by UnknownUnicorn1946597
💥 SPY and the DJI at Resistance BUT do we go Higher? 💫🙉💬 The SPY (ES1!) and DJI (YM1!) are both approaching resistance according to their futures contracts charts (ES1! And YM1!). Do we get a pullback here, or does the Dow retest its previous top while the other indexes run? We think both moves are in the cards. Given that, let's look at some support and resistance levels to get a sense of what might come next. Hit that 👍 button to show support for the content! Help the community grow by giving us a follow 🐣 ----- ES1! Support: S1: The range at the S/R flip and pivot point is a very obvious support level. We expect a reaction here if tested. S2: If this S/R flip and orderblock range is tested it is very likely to hold. This looks like the perfect entry if we do get a pullback. Fear should be high going into this major support. ES1! Resistance: R1: Our one and only resistance is the one we are at right now, the orderblock range at the previous high. A correction here doesn't really dampen the bull case assuming S1 or S2 holds. Despite this, it the ideal is for the bulls to break above R1 and treat it as support moving forward as shown by the bullish ABC on the chart. YM1! Support: S1: The S/R flip for the Dow isn't as pronounced as the S&P's, but we expect a reaction here regardless. S2: The orderblock and S/R cluster is the obvious support, just like it was for the S&P. Fear should be high going into this, but this is an ideal entry for bulls if we get a correction. YM1! Resistance: R1: If the Dow Jones can take out this resistance, or if the S&P can take out its resistance, then the bulls get a field day because there will be no resistance on any chart until the Dow's R2. R2: It would make a ton of sense for the market to see a pullback as the Dow finally retests the orderblock range at the all-time high. With that said, a breakout above R1 means lots of room to run to R2. A rejection here and we would then look for R1 to become support as illustrated by the bullish ABC on the chart. ----- Summary: The S&P and Dow Jones are both at resistance, we have yet to see a breakout. A breakout for either likely pulls the rest of the market up and then the main resistance becomes the Dow's R2 range at the previous high. A rejection here, and we have our eyes on S1 and S2. Splitting bids between these levels makes sense. Now, how much of this is going to be influenced by stimulus deals and dollar weakness? That is a great question, our main focus here is on resistance, but either of those items could make a big impact. Resources: nypost.com ✨ Drop a comment asking for an update, we do NEW setups every day! ✨
CME_MINI:ES1!
by AlphaBotSystem
6
YM (Dow) FUtures UpdateI think they go full pumptard on the Dow. Why? Because dividends. Companies are still making enough money to pay them and DIA dividend yield is 2.3% which is better than nothing. That's what happens when you have zero interest rate. I was trying to figure out why MMM is moving up after missing on earnings .... dividends. If you don't believe me look at PCAR. Pure dividend play, they earned much less than last year but enough to pay dividends. Thaht and it needs to fill the futures gap. NQ and ES already have.
CBOT_MINI:YM1!
by hungry_hippo
11