The NASDAQ (US100) appears to be setting up for a corrective phase following a completed five-wave impulsive move. The Elliott Wave pattern suggests that the recent rally may have reached its peak, and a downward correction could be imminent.
Key Fibonacci retracement levels to watch are:
0.382 at 18,770.1
0.5 at 18,678.3
0.618 at 18,586.6
These levels represent potential targets for the corrective wave (a), where the price might find support before considering the next directional move. This setup presents a strategic short opportunity for traders looking to capitalize on the potential pullback.
As always, consider your risk management strategies before entering the trade, and stay alert to any changes in market dynamics. Let's aim for well-informed decisions and profitable trades!
Key Fibonacci retracement levels to watch are:
0.382 at 18,770.1
0.5 at 18,678.3
0.618 at 18,586.6
These levels represent potential targets for the corrective wave (a), where the price might find support before considering the next directional move. This setup presents a strategic short opportunity for traders looking to capitalize on the potential pullback.
As always, consider your risk management strategies before entering the trade, and stay alert to any changes in market dynamics. Let's aim for well-informed decisions and profitable trades!
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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.