US30 - SELL IDEA

Market Watchers, let's analyze the DJIA (US30) on the 15-minute chart. It looks like we're observing the Elliott Wave pattern playing out with an impulse sequence that might have recently finished with wave (5). This suggests that we could be entering into a corrective phase.

The chart shows that we may be in the beginning stages of an ABC correction pattern following the completion of wave (5). I’m keeping an eye on the Fibonacci retracement levels of 0.5 at 38388.18 and 0.618 at 38343.86 as they often act as key levels where the price could potentially find support and bounce back.

As we are dealing with an index that's sensitive to economic reports and company earnings, it’s important to be aware of the fundamental factors that could drive market sentiment and cause shifts in the index's direction. This is crucial for us to confirm whether the corrective wave is indeed taking shape or if there's more to the story.

With careful consideration of risk management strategies, this could be a setup for a potential short-term trade. However, as always, it’s wise to confirm these signals with additional analysis and ensure any trade fits within your risk tolerance. Stay tuned and let's navigate these market waves together!

Trade closed: target reached