I'm setting up a short trade on DJIA based on a 15-minute chart using Elliott Wave analysis. The chart shows the completion of wave (5) and the beginning of a corrective wave sequence.
My entry point is around the current price of 22.02.
I'm targeting the following levels for wave (c):
- 1.216 at 21.86
- 1.618 at 21.65
I'll place my stop loss slightly above the recent high to manage risk. As the price approaches the target levels, I'll adjust my stop loss to secure profits. This setup aims to capitalize on the anticipated downward move in the Elliott Wave sequence.
My entry point is around the current price of 22.02.
I'm targeting the following levels for wave (c):
- 1.216 at 21.86
- 1.618 at 21.65
I'll place my stop loss slightly above the recent high to manage risk. As the price approaches the target levels, I'll adjust my stop loss to secure profits. This setup aims to capitalize on the anticipated downward move in the Elliott Wave sequence.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.