The NASDAQ (US100) on the 15-minute timeframe has completed its 5-wave impulsive pattern, signaling a potential correction is on the horizon. As the market transitions into what appears to be a corrective phase, this presents a compelling short opportunity for traders.
Key Levels to Watch:
Wave (b) Retracement Level: 19,534.6
Wave (c) Fibonacci Target: 1.618 extension at 19,279.3
The completion of Wave (a) and the potential retracement to the Wave (b) level around 19,534.6 suggests a pullback before continuing the downward move towards the 1.618 Fibonacci extension at 19,279.3. Traders should be on the lookout for bearish signals at the retracement level to confirm the continuation of the downward trend.
This setup provides a clear risk-reward scenario, where traders can manage their positions effectively based on the outlined Fibonacci levels. Keep an eye on how the market reacts at these critical points to maximize potential profits.
Stay informed and adjust your trading strategies accordingly as the NASDAQ navigates this corrective phase.
Key Levels to Watch:
Wave (b) Retracement Level: 19,534.6
Wave (c) Fibonacci Target: 1.618 extension at 19,279.3
The completion of Wave (a) and the potential retracement to the Wave (b) level around 19,534.6 suggests a pullback before continuing the downward move towards the 1.618 Fibonacci extension at 19,279.3. Traders should be on the lookout for bearish signals at the retracement level to confirm the continuation of the downward trend.
This setup provides a clear risk-reward scenario, where traders can manage their positions effectively based on the outlined Fibonacci levels. Keep an eye on how the market reacts at these critical points to maximize potential profits.
Stay informed and adjust your trading strategies accordingly as the NASDAQ navigates this corrective phase.
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.
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.