Hello fellow traders,
Looking at the S&P 500 on the 30-minute timeframe, I've identified an intriguing Elliott Wave pattern suggesting a potential decline. The recent price action has completed a full impulse cycle (waves 1 through 5), followed by a corrective wave (a) and a smaller rally for wave (b).
Currently, we seem to be at the beginning of wave (c), which typically unfolds as a strong downward movement. Based on the Elliott Wave principle, wave (c) should at least retrace to the level of wave (a), targeting a downward push towards 4,984.17.
Considering the completion of wave (b) at a lower high, this setup provides an ideal short opportunity with a stop-loss slightly above the peak of wave (b) around 5,150 to protect against potential reversals. This positioning offers an attractive risk-reward ratio, given the expected magnitude of the decline.
This could be a strategic entry point for those looking to capitalize on bearish momentum, but as always, ensure to manage your risk appropriately. Let's keep an eye on how this pattern develops, and adjust our strategies accordingly.
Looking at the S&P 500 on the 30-minute timeframe, I've identified an intriguing Elliott Wave pattern suggesting a potential decline. The recent price action has completed a full impulse cycle (waves 1 through 5), followed by a corrective wave (a) and a smaller rally for wave (b).
Currently, we seem to be at the beginning of wave (c), which typically unfolds as a strong downward movement. Based on the Elliott Wave principle, wave (c) should at least retrace to the level of wave (a), targeting a downward push towards 4,984.17.
Considering the completion of wave (b) at a lower high, this setup provides an ideal short opportunity with a stop-loss slightly above the peak of wave (b) around 5,150 to protect against potential reversals. This positioning offers an attractive risk-reward ratio, given the expected magnitude of the decline.
This could be a strategic entry point for those looking to capitalize on bearish momentum, but as always, ensure to manage your risk appropriately. Let's keep an eye on how this pattern develops, and adjust our strategies accordingly.
Trade closed: target reached
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