I'm focusing on a potential long opportunity for the US30 (Dow Jones Industrial Average) guided by Elliott Wave principles. Our analysis indicates that we're currently seeing the setup for a bullish continuation.
The market appears to have completed a corrective phase with wave (4) and is now transitioning into what could potentially be an ascending wave (5). This phase often offers significant opportunities for gains as it may extend the momentum seen in earlier waves.
Wave (5) initiation: Following the end of wave (4), we are looking to capitalize on the upward movement that wave (5) suggests. Based on the previous wave patterns, we are targeting the Fibonacci retracement levels, with a first significant target around the 0.618 retracement at 38900.09, potentially moving higher to the 1.618 extension at 38932.07.
For traders considering a long position, now could be a strategic time to engage as we observe the development of wave (5). It's essential to confirm bullish momentum as this wave progresses to ensure it aligns with our expectations.
Effective risk management is crucial; setting stop losses just below the recent low of wave (4) will help protect against potential downside. I'll continue to provide updates on this setup and any adjustments needed based on how the pattern develops.
The market appears to have completed a corrective phase with wave (4) and is now transitioning into what could potentially be an ascending wave (5). This phase often offers significant opportunities for gains as it may extend the momentum seen in earlier waves.
Wave (5) initiation: Following the end of wave (4), we are looking to capitalize on the upward movement that wave (5) suggests. Based on the previous wave patterns, we are targeting the Fibonacci retracement levels, with a first significant target around the 0.618 retracement at 38900.09, potentially moving higher to the 1.618 extension at 38932.07.
For traders considering a long position, now could be a strategic time to engage as we observe the development of wave (5). It's essential to confirm bullish momentum as this wave progresses to ensure it aligns with our expectations.
Effective risk management is crucial; setting stop losses just below the recent low of wave (4) will help protect against potential downside. I'll continue to provide updates on this setup and any adjustments needed based on how the pattern develops.
Trade closed: target reached
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