I'm setting up a short trade on NOTUSDT based on a 3-hour chart using Elliott Wave analysis. The chart shows that wave (b) of the corrective sequence has completed, and I expect a downward impulse in wave (c).
My entry point is around the current price of 0.00879.
I'm targeting the following levels for wave (c):
- First target: 0.00861 at the 0.462 Fibonacci extension level
- Second target: 0.00544 at the 0.618 Fibonacci extension level
I'll place my stop loss slightly above the recent high of wave (b) 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 movement in the final wave of the Elliott Wave sequence.
My entry point is around the current price of 0.00879.
I'm targeting the following levels for wave (c):
- First target: 0.00861 at the 0.462 Fibonacci extension level
- Second target: 0.00544 at the 0.618 Fibonacci extension level
I'll place my stop loss slightly above the recent high of wave (b) 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 movement in the final wave of 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.