US30 - SELL IDEA
Examining the DJIA (Dow Jones Industrial Average) on the 3-hour chart, I've identified an Elliott Wave pattern that has been guiding my analysis. It seems that the index completed an impulsive wave cycle, capped by wave (5), suggesting a shift from bullish to corrective market sentiment.
I am now observing the development of what appears to be the initial stages of a corrective ABC pattern post the impulse wave. The commencement of wave (a) is well underway, with its depth and form continuing to unfold. My attention is now fixed on the potential end of wave (a) and the beginning of wave (b), which could provide a temporary relief rally or a retracement within the context of the broader corrective phase.
With Elliott Wave theory as a basis, my focus lies on the Fibonacci levels, which could serve as potential reversal zones for the corrective waves. Specifically, I'm looking at the 1.618 extension at 38238.40 as a potential area where wave (c) could conclude its course, providing valuable insights for both short-term and swing trading strategies.
As always, while the Elliott Wave can be a powerful tool in forecasting potential price movements, it's imperative to consider other factors such as volume, broader market trends, and economic indicators. Additionally, I will remain agile in my analysis, ready to adapt to new data and market shifts, ensuring a balanced approach to managing risk and seeking opportunities.
I'll keep a close watch on these developments and update my outlook as the market progresses. Stay tuned for further insights, and as we chart this journey together, let's approach the markets with discipline and a strategic mindset.
I am now observing the development of what appears to be the initial stages of a corrective ABC pattern post the impulse wave. The commencement of wave (a) is well underway, with its depth and form continuing to unfold. My attention is now fixed on the potential end of wave (a) and the beginning of wave (b), which could provide a temporary relief rally or a retracement within the context of the broader corrective phase.
With Elliott Wave theory as a basis, my focus lies on the Fibonacci levels, which could serve as potential reversal zones for the corrective waves. Specifically, I'm looking at the 1.618 extension at 38238.40 as a potential area where wave (c) could conclude its course, providing valuable insights for both short-term and swing trading strategies.
As always, while the Elliott Wave can be a powerful tool in forecasting potential price movements, it's imperative to consider other factors such as volume, broader market trends, and economic indicators. Additionally, I will remain agile in my analysis, ready to adapt to new data and market shifts, ensuring a balanced approach to managing risk and seeking opportunities.
I'll keep a close watch on these developments and update my outlook as the market progresses. Stay tuned for further insights, and as we chart this journey together, let's approach the markets with discipline and a strategic mindset.
Trade closed: target reached
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