US30 - SELL IDEA

Hey traders! Diving into the DJIA (US30) chart, I’m currently bullish based on my Elliott Wave analysis. We've seen a robust upward move through waves (1) to (5), which leads me to believe we're now in a corrective phase, potentially carving out an ABC correction pattern.

The completion of wave (5) was met with a swift reversal, indicating the start of our wave (a), which I'm projecting could land near the 38111.10 mark. Looking for signs of consolidation around this level, I'm expecting a bounce-back to about 0.645 of the previous move (around 38362.96), which would form our wave (b).

The Elliott Wave theory suggests that after a retracement, we should anticipate another leg down to complete the pattern. I'm eyeing a potential target for wave (c) around the 1.618 Fibonacci extension level at 37955.45.

I'm planning to monitor closely for the completion of the ABC correction, which could offer an excellent opportunity to go long once the correction is finalized and we see bullish signals. As always, remember to manage your risks wisely and confirm this fits within your trading strategy before jumping in!

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