NASDAQ - BUY IDEA

Hello, traders! Taking a closer look at the US100, I'm feeling optimistic based on my Elliott Wave analysis. After a rocky start, it looks like we've embarked on a new impulse wave sequence. We've witnessed a strong push upwards in waves (1) and (3), and it seems like wave (4) has just concluded as a shallow correction, staying above the 0.612 retracement at 17228.5.

Now, if my count is correct, we're gearing up for wave (5), which is typically the final leg in the direction of the main trend. Using the Fibonacci extension tool, I'm targeting the 1.618 level at 17317.2 for the peak of wave (5). This bullish scenario aligns with the recent surge in momentum and could be an indication of a resilient market sentiment.

I plan to take a long position, aiming for this target while keeping a watchful eye on the price action for any signs of divergence that might suggest the wave count needs reassessment. Always remember, it's crucial to align your trades with your risk tolerance and to set appropriate stop losses to protect your capital. Let's ride the wave to the peak together!

Trade closed: target reached