The short-term Elliott Wave view in Dow Futures (YM) shows that the cycle from the August 5, 2026 high remains active as a double three corrective structure. From that peak, wave (w) finished at 51609. A rally in wave (x) then ended at 52840. The Index has since resumed its decline and broke below the termination point of wave (w). This break confirms that the next leg lower has started. The projected downside target is the 100% to 161.8% Fibonacci extension of wave (w), which lies between 47542 and 49569. This zone represents the ideal area where the current corrective sequence may complete.
Wave (y) subdivides into another double three of lesser degree. From wave (x), wave w ended at 50859. A rally in wave x is expected to correct the cycle from the September 22, 2026 high before the next downward leg resumes. This corrective rally should remain capped below the 52840 pivot. As long as this pivot holds, rallies are likely to fail in either three or seven swings. Such failures will sustain the bearish sequence and keep pressure on the Index. The overall structure highlights persistent corrective forces. Sellers are expected to dominate until the projected Fibonacci extension area is tested. Near term, traders should remain cautious of short-lived rallies, as the broader sequence favors further downside before a more meaningful recovery develops.
Dow Futures (YM) 60 Minute Elliott Wave Chart
YM Elliott Wave Video
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