Today, I'm analyzing the US30, and my Elliott Wave analysis suggests we might be nearing a pivotal moment for a potential downturn. From the chart, we've seen the US30 follow a clear Elliott Wave pattern, culminating in what appears to be the end of the fifth wave.
The market seems poised for a corrective phase, which typically follows after completing an impulse sequence. I've pinpointed the Fibonacci retracement levels that might serve as targets during this correction—particularly focusing on levels like 0.618 at 39036.31 and 0.5 at 39144.30, which often act as strong support or reversal zones in such scenarios.
Given this setup, I am leaning towards taking a short position, anticipating a pullback towards these Fibonacci levels. It's crucial to manage risk carefully, so setting a stop-loss slightly above the recent peak could safeguard against unexpected moves.
Let's keep a close eye on these developments, and as always, trade smart and safe!
The market seems poised for a corrective phase, which typically follows after completing an impulse sequence. I've pinpointed the Fibonacci retracement levels that might serve as targets during this correction—particularly focusing on levels like 0.618 at 39036.31 and 0.5 at 39144.30, which often act as strong support or reversal zones in such scenarios.
Given this setup, I am leaning towards taking a short position, anticipating a pullback towards these Fibonacci levels. It's crucial to manage risk carefully, so setting a stop-loss slightly above the recent peak could safeguard against unexpected moves.
Let's keep a close eye on these developments, and as always, trade smart and safe!
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