The Dow Jones Industrial Average Index (US30) on the 15-minute chart has completed a robust 5-wave upward move. Now, the index appears poised for a corrective phase as it approaches overextended levels, presenting a prime opportunity for short positions.
Key Fibonacci Retracement Levels for Wave (a):
0.382 Fibonacci level: 40577.44
0.500 Fibonacci level: 40524.64
0.618 Fibonacci level: 40471.83
These Fibonacci levels will be crucial in monitoring the pullback's depth. A move towards these retracement levels would signal potential areas for taking profits on short positions or for traders looking to enter on a retracement.
As the US30 corrects, traders should watch for bearish confirmations near these levels to capitalize on the expected downside movement. This setup offers a strategic entry point with clear risk management parameters based on the Fibonacci levels.
Stay vigilant and adjust your strategies accordingly to navigate this anticipated corrective phase in the Dow Jones.
Key Fibonacci Retracement Levels for Wave (a):
0.382 Fibonacci level: 40577.44
0.500 Fibonacci level: 40524.64
0.618 Fibonacci level: 40471.83
These Fibonacci levels will be crucial in monitoring the pullback's depth. A move towards these retracement levels would signal potential areas for taking profits on short positions or for traders looking to enter on a retracement.
As the US30 corrects, traders should watch for bearish confirmations near these levels to capitalize on the expected downside movement. This setup offers a strategic entry point with clear risk management parameters based on the Fibonacci levels.
Stay vigilant and adjust your strategies accordingly to navigate this anticipated corrective phase in the Dow Jones.
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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.