### US30 SHORT
I'm targeting a short position for US30 on the 15-minute chart using Elliott Wave analysis.
The current price level is around 40805.91. I've identified the completion of wave (5) and am anticipating a downward movement into wave (a).
My target levels for this downward movement are based on the Fibonacci extension of the previous impulse wave. The target levels are:
- 0.921 Fibonacci extension level at around 40813.91
- 1.618 Fibonacci extension level at around 40547.75
To manage risk, I will place a stop loss just above the recent high of wave (5) at around 40813.91. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target levels. If the price shows signs of resistance or reversal near the targets, I'll consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected downward movement in US30 while effectively managing risk with clear entry, target, and stop loss levels.
I'm targeting a short position for US30 on the 15-minute chart using Elliott Wave analysis.
The current price level is around 40805.91. I've identified the completion of wave (5) and am anticipating a downward movement into wave (a).
My target levels for this downward movement are based on the Fibonacci extension of the previous impulse wave. The target levels are:
- 0.921 Fibonacci extension level at around 40813.91
- 1.618 Fibonacci extension level at around 40547.75
To manage risk, I will place a stop loss just above the recent high of wave (5) at around 40813.91. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target levels. If the price shows signs of resistance or reversal near the targets, I'll consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected downward movement in US30 while effectively managing risk with clear entry, target, and stop loss levels.
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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.