Examining the NASDAQ (US100) through the lens of Elliott Wave analysis, we observe that the index has potentially completed the cycle with Wave (5) and is now embarking on a corrective phase, denoted as Wave (a)-(b)-(c).
Currently, the start of Wave (c) seems imminent, traditionally known as a strong downward move. We're targeting Wave (c) to potentially extend towards the 1.618 Fibonacci level at 17993.3, which could serve as an ideal point for profiting from this expected decline.
Given these insights, entering a short position at current levels could be a wise move. Consider setting a stop-loss just above the peak of Wave (b) to manage potential risks effectively. This strategy not only aligns with the observed wave pattern but also maximizes the potential for significant returns during this downturn phase.
Stay vigilant and monitor the price action closely. Adjust your positions as necessary and always adhere to stringent risk management protocols.
Currently, the start of Wave (c) seems imminent, traditionally known as a strong downward move. We're targeting Wave (c) to potentially extend towards the 1.618 Fibonacci level at 17993.3, which could serve as an ideal point for profiting from this expected decline.
Given these insights, entering a short position at current levels could be a wise move. Consider setting a stop-loss just above the peak of Wave (b) to manage potential risks effectively. This strategy not only aligns with the observed wave pattern but also maximizes the potential for significant returns during this downturn phase.
Stay vigilant and monitor the price action closely. Adjust your positions as necessary and always adhere to stringent risk management protocols.
Trade closed: stop reached
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