Dow Jones 1 Hour Elliott Wave Analysis

Hello Traders,

In this analysis, we will have a look at the Dow Jones 1 hour Elliott Wave chart.

Dow Jones ended cycle from 04/02 low (23311) at the peak of 06/11 peak (25417). Below from that peak, the instrument is currently correcting the cycle from 04/02 in 7 or 11 swings before the rally resumes or bounce in 3 waves at least.

Down from 06/11 peak, the decline is unfolding as Elliott Wave double correction, where sub-division of red wave W unfolded also in a double correction and ended at 06/19 (24564). Up from there, it ended red wave X pullback at the peak of 06/20 (24861).

Below from that peak, a 5 wave’s structure can be completed soon in red wave v of blue wave (a). Once the blue wave (a) is complete, the index should bounce in blue wave (b) in 3, 7 or 11 swings before the decline resumes towards the equal legs area of red W-X cycle which comes at around 24010-23810.