Hello fellow traders,
I'm currently analyzing the NASDAQ 100 index for a potential short opportunity based on Elliott Wave Theory, and I wanted to share my insights with you.
As we observe the US100 chart on a 30-minute timeframe, we can identify a clear five-wave progression upward in the recent movements. Starting from the lows on May 2nd, we see the price advancing in a classic Elliott Wave pattern:
Wave 1: Initiated a strong bullish move.
Wave 2: A sharp retracement followed, confirming its role as a corrective wave.
Wave 3: This phase showed an impressive bullish run, typically the longest and most powerful wave in an Elliott Wave sequence.
Wave 4: The market took a breather and retraced modestly without overlapping Wave 1, adhering to one of the key rules of the Elliott Wave principle.
Wave 5: Currently, it appears we are in the fifth wave, which I anticipate will exhaust itself soon.
My analysis suggests that the completion of Wave 5 could provide an excellent opportunity to enter a short position. The exhaustion of this last bullish wave often leads to a substantial corrective phase (potentially a new A-B-C pattern), where we can expect significant retracements.
I recommend keeping a close eye on the completion of Wave 5 for any signs of reversal patterns or indications of weakening momentum. This could be our cue to consider a short position to capitalize on the expected downturn.
Please ensure to set up appropriate risk management strategies and consider your individual risk tolerance before entering any trades.
Looking forward to seeing how this scenario unfolds and sharing further updates!
Happy trading!
I'm currently analyzing the NASDAQ 100 index for a potential short opportunity based on Elliott Wave Theory, and I wanted to share my insights with you.
As we observe the US100 chart on a 30-minute timeframe, we can identify a clear five-wave progression upward in the recent movements. Starting from the lows on May 2nd, we see the price advancing in a classic Elliott Wave pattern:
Wave 1: Initiated a strong bullish move.
Wave 2: A sharp retracement followed, confirming its role as a corrective wave.
Wave 3: This phase showed an impressive bullish run, typically the longest and most powerful wave in an Elliott Wave sequence.
Wave 4: The market took a breather and retraced modestly without overlapping Wave 1, adhering to one of the key rules of the Elliott Wave principle.
Wave 5: Currently, it appears we are in the fifth wave, which I anticipate will exhaust itself soon.
My analysis suggests that the completion of Wave 5 could provide an excellent opportunity to enter a short position. The exhaustion of this last bullish wave often leads to a substantial corrective phase (potentially a new A-B-C pattern), where we can expect significant retracements.
I recommend keeping a close eye on the completion of Wave 5 for any signs of reversal patterns or indications of weakening momentum. This could be our cue to consider a short position to capitalize on the expected downturn.
Please ensure to set up appropriate risk management strategies and consider your individual risk tolerance before entering any trades.
Looking forward to seeing how this scenario unfolds and sharing further updates!
Happy trading!
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