Dow Jones Elliott Wave Analysis: Short term pullback

Short term Dow JonesElliott Wave view suggests the rally from 4/19low is unfolding asa diagonal Elliott Wave structurewhereMinor wave 1 ended at 21010 (4/26), Minor wave 2 ended at 20474 (5/18), Minor wave 3 ended at 21270 (6/8), and Minor wave 4 ended at 21081 (6/8). Minor wave 5 is in progress and subdivided intoa zigzag Elliott Wave structure. Up from 6/8 low, Minute wave ((a)) is expected to complete at 21360 - 21404. Index should then pullback in Minute wave ((b)) to correct cycle from 6/8 low before the rally resumes. We don't like selling the proposed pullback. Buyers should appear once Minute wave ((b)) pullback is over in 3, 7, or 11 swing.

Dow Jones 1 Hour Elliott Wave Chart

DJIA June 16

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