Traders, turning our attention to the NASDAQ (US100), the 45-minute chart reveals an intriguing Elliott Wave pattern. It seems we've just witnessed the end of an impulsive sequence with wave (3) and a potential corrective wave (4) that followed suit. The market is hinting at a transition into the final leg, wave (5).
From the look of the recent price action, wave (4) has concluded with a moderate retracement. Now, using the Fibonacci projection tool, I’m eyeing several potential targets for wave (5), with the 0.374 level at 17665.0 being the most immediate, followed by the 0.618 extension at 17748.3. If the bullish momentum sustains, we could even see the market pushing towards the 1.618 extension at 18089.7.
As the tech-heavy index responds to various market stimuli, including tech sector performance and broader economic indicators, it's important to stay informed about the latest developments. Keep in mind that while Elliott Wave provides a structured approach to forecasting, it's essential to consider it as part of a comprehensive analysis.
I'm preparing for a potential long opportunity as we aim for the final wave (5) peak, with due diligence on risk management and a close watch on market dynamics. Stay sharp, and let’s navigate these tech waves carefully!
From the look of the recent price action, wave (4) has concluded with a moderate retracement. Now, using the Fibonacci projection tool, I’m eyeing several potential targets for wave (5), with the 0.374 level at 17665.0 being the most immediate, followed by the 0.618 extension at 17748.3. If the bullish momentum sustains, we could even see the market pushing towards the 1.618 extension at 18089.7.
As the tech-heavy index responds to various market stimuli, including tech sector performance and broader economic indicators, it's important to stay informed about the latest developments. Keep in mind that while Elliott Wave provides a structured approach to forecasting, it's essential to consider it as part of a comprehensive analysis.
I'm preparing for a potential long opportunity as we aim for the final wave (5) peak, with due diligence on risk management and a close watch on market dynamics. Stay sharp, and let’s navigate these tech waves carefully!
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Trade closed: target reached
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