Hello TradingView community! I'd like to share my current trading idea for US30, based on my Elliott Wave analysis, which points towards a sell opportunity. Here's a deeper look into my reasoning.
My analysis indicates that US30 has completed its bullish cycle, identified by the classic five-wave impulse pattern, a hallmark of Elliott Wave theory. The end of this cycle is crucial, often signaling the start of a corrective phase. From the wave patterns and market behavior, it seems US30 is entering the early stages of a bearish correction.
I've noticed that we've reached the peak of the fifth wave, indicating the end of the bullish trend. We are now transitioning into the corrective A-B-C pattern. Wave A in Elliott Wave analysis usually signifies a notable decline, presenting a potential selling opportunity. Based on my findings, it looks like we're at the onset of Wave A, signaling a shift from bullish to bearish sentiment in the market.
Considering this analysis, I'm leaning towards taking a short position in US30. My trade target is set around the end of the previous Wave 4, a common retracement level in Elliott Wave theory. This approach is based on the expectation that Wave A will drive the price downwards.
As always, remember to use Elliott Wave analysis in combination with other technical indicators and sound risk management practices. I'm keen to hear your perspectives and strategies on US30, so please share your insights in the comments. Let's have a productive discussion!
My analysis indicates that US30 has completed its bullish cycle, identified by the classic five-wave impulse pattern, a hallmark of Elliott Wave theory. The end of this cycle is crucial, often signaling the start of a corrective phase. From the wave patterns and market behavior, it seems US30 is entering the early stages of a bearish correction.
I've noticed that we've reached the peak of the fifth wave, indicating the end of the bullish trend. We are now transitioning into the corrective A-B-C pattern. Wave A in Elliott Wave analysis usually signifies a notable decline, presenting a potential selling opportunity. Based on my findings, it looks like we're at the onset of Wave A, signaling a shift from bullish to bearish sentiment in the market.
Considering this analysis, I'm leaning towards taking a short position in US30. My trade target is set around the end of the previous Wave 4, a common retracement level in Elliott Wave theory. This approach is based on the expectation that Wave A will drive the price downwards.
As always, remember to use Elliott Wave analysis in combination with other technical indicators and sound risk management practices. I'm keen to hear your perspectives and strategies on US30, so please share your insights in the comments. Let's have a productive discussion!
Trade closed: target reached
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