Looking at the US30 (Dow Jones Industrial Average) on the 15-minute chart, I'm eyeing a potential short trade. The market completed its wave (5) and has begun its corrective phase with wave (a) already in progress. It looks like we might see a bounce to around the 0.640 Fibonacci level, near 40880, before continuing its downward trajectory.
I’ve set my sights on wave (c) targets, with an initial goal at 40424.51 and a more extended target down at 40142.73. This setup fits well with the Elliott Wave principles, signaling a good short opportunity if the price respects the Fibonacci retracement. I'll be looking for confirmation near 40880 to catch the next leg down. This could be a solid play to take advantage of the corrective move.
I’ve set my sights on wave (c) targets, with an initial goal at 40424.51 and a more extended target down at 40142.73. This setup fits well with the Elliott Wave principles, signaling a good short opportunity if the price respects the Fibonacci retracement. I'll be looking for confirmation near 40880 to catch the next leg down. This could be a solid play to take advantage of the corrective move.
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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.