US30 - BUY IDEA

In this chart, I have conducted an analysis on the Dow Jones Industrial Average Index using Elliott Wave theory on a 15-minute timeframe. The pattern shows a series of impulsive and corrective waves.

The sequence labeled (1) to (5) represents the primary impulse waves, which typically indicate the direction of the underlying trend. These waves are followed by smaller degree waves, also labeled (1) to (5), which are part of the larger degree wave (3). This kind of fractal nature is common in Elliott Wave theory, where smaller patterns can be found within larger ones.

After the completion of the impulsive wave (5), I've projected potential targets for the next impulsive wave using the Fibonacci extension levels of 0.618, 1, and 1.618. These targets are represented by the dotted blue lines and are common points where traders might expect the market to reach during the next impulsive wave.