Hey TradingView community! I've been diligently applying Elliott Wave analysis to NASDAQ and have some intriguing insights to share. My current analysis suggests that NASDAQ is presenting a notable sell opportunity. Let me walk you through my findings.
After a thorough examination of NASDAQ's price action, it's become evident that we've completed the bullish phase, typically characterized by a five-wave impulse pattern as outlined in Elliott Wave theory. This phase's conclusion is a critical turning point, often signaling the onset of a corrective phase. From my observations, it appears NASDAQ is poised to enter the early stages of a bearish correction.
What's particularly striking is that we seem to have reached the peak of the fifth wave, marking the end of the bullish trend. We are now transitioning into the corrective A-B-C pattern. In Elliott Wave theory, the commencement of Wave A is usually marked by a significant decline, presenting a potential selling opportunity. My analysis suggests that we are at the onset of Wave A, indicating a shift in market sentiment from bullish to bearish.
Based on these insights, I'm considering a short position in NASDAQ. The target for this trade would ideally be set around the end of the previous Wave 4, a common retracement level in Elliott Wave theory. This strategy is based on the expectation that Wave A will push the price down to this significant level.
As always, it's vital to use Elliott Wave analysis in conjunction with other technical indicators and robust risk management strategies. I'm eager to hear your thoughts and strategies on NASDAQ, so please share in the comments section below. Let's engage in a meaningful and insightful discussion!
After a thorough examination of NASDAQ's price action, it's become evident that we've completed the bullish phase, typically characterized by a five-wave impulse pattern as outlined in Elliott Wave theory. This phase's conclusion is a critical turning point, often signaling the onset of a corrective phase. From my observations, it appears NASDAQ is poised to enter the early stages of a bearish correction.
What's particularly striking is that we seem to have reached the peak of the fifth wave, marking the end of the bullish trend. We are now transitioning into the corrective A-B-C pattern. In Elliott Wave theory, the commencement of Wave A is usually marked by a significant decline, presenting a potential selling opportunity. My analysis suggests that we are at the onset of Wave A, indicating a shift in market sentiment from bullish to bearish.
Based on these insights, I'm considering a short position in NASDAQ. The target for this trade would ideally be set around the end of the previous Wave 4, a common retracement level in Elliott Wave theory. This strategy is based on the expectation that Wave A will push the price down to this significant level.
As always, it's vital to use Elliott Wave analysis in conjunction with other technical indicators and robust risk management strategies. I'm eager to hear your thoughts and strategies on NASDAQ, so please share in the comments section below. Let's engage in a meaningful and insightful discussion!
Trade closed manually
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