Elliott Wave Analysis of the Dow Jones Industrial Average (YM Futures Contract) by Sid from ElliottWavePredictions.com

Sid Norris
 In Blog, Dow Jones Industrial Average

Elliott Wave Analysis of the Dow Jones Industrial Average (YM Futures Contract) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

Today’s rally moved higher than I thought it would, so despite there having been no invalidation of yesterdays’s wave count, the question must be asked: What if the July 19 high is taken out? Hence the potential wave count presented above.

Despite presenting the potential for slighly higher high than I did yesterday, based on the impulsive character of the May 1 through June 3 downward impulse, and the choppy, overlapping character of the price action since the June 3 low, I still believe that the May 1 high is highly likely to hold, and that even if there is a upward spike that takes out the recent July 19 swing high, the larger overall expectation is the same: Once this extended corrective episode is finished, new lows well below the early June lows are highly likely to occur before price can eventually climb back above the May 1 high.

Sid

http://elliottwavepre.wpengine.com

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