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Elliott Wave View: Further Downside in Dow Jones Futures (YM_F)

CBOT_MINI:YM1!   Futures E-MINI DOW JONES ($5)
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Elliott Wave view on Dow Jones Future (YM_F) suggests that the sequence from April 24, 2019 high (26694) remains incomplete and Index can see further downside. Short term, the rally to 25720 ended wave ((ii)) and wave (( iii )) ended at 24937. Internal of wave (( iii )) unfolded as Elliott Wave impulse structure. Down from 25720, wave (i) ended at 25592, wave (ii) ended at 2554, wave ( iii ) ended at 25159, wave (iv) ended at 25219, and wave (v) ended at 24937.

Index has resumed lower and broken the previous low on May 14 (25215), suggesting the next leg lower has started. Wave ((iv)) bounce appears complete at 25221. Index still needs to break below wave (( iii )) at 24937 at this stage to avoid a double correction in wave ((iv)). We don’t like buying the index, and short term, while rally fails below 25719, expect Index to extend lower.
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