Here's a fresh look at the NASDAQ (US100) where Elliott Wave analysis hints at a potential short opportunity. According to the wave pattern observed, we have just completed the fifth wave of a bullish sequence and are possibly transitioning into a corrective phase.
The completion of wave (5) suggests exhaustion in the current trend, paving the way for a retracement. Using Fibonacci retracement levels to gauge potential targets, my focus is on key levels like 0.891 at 18237.6 and possibly extending to more significant retracements at 18078.5 and 17980.2.
Based on this analysis, a prudent strategy might involve initiating a short position near the current levels, aiming for these Fibonacci retracements as targets. To manage risk effectively, consider setting a stop-loss above the recent high to protect against unexpected bullish continuations.
Keep a close eye on price action, and as always, ensure your trading decisions are aligned with your risk management strategy!
The completion of wave (5) suggests exhaustion in the current trend, paving the way for a retracement. Using Fibonacci retracement levels to gauge potential targets, my focus is on key levels like 0.891 at 18237.6 and possibly extending to more significant retracements at 18078.5 and 17980.2.
Based on this analysis, a prudent strategy might involve initiating a short position near the current levels, aiming for these Fibonacci retracements as targets. To manage risk effectively, consider setting a stop-loss above the recent high to protect against unexpected bullish continuations.
Keep a close eye on price action, and as always, ensure your trading decisions are aligned with your risk management strategy!
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