The 15-minute chart of the Dow Jones Industrial Average (US30) indicates a potential shorting opportunity following the completion of a fifth wave (5) in an impulsive upward move. The Elliott Wave analysis suggests that the market is primed for a corrective phase.
Key Fibonacci Retracement Levels:
0.382 Retracement: 40715.97
0.5 Retracement: 40636.71
0.618 Retracement: 40557.46
These levels represent potential support zones where the price may find some buying interest as it corrects the recent upward move. Traders can look for short entries targeting these Fibonacci levels, with stop losses placed above recent highs to manage risk effectively.
This setup is suitable for those expecting a pullback in the Dow Jones following its recent rally.
Key Fibonacci Retracement Levels:
0.382 Retracement: 40715.97
0.5 Retracement: 40636.71
0.618 Retracement: 40557.46
These levels represent potential support zones where the price may find some buying interest as it corrects the recent upward move. Traders can look for short entries targeting these Fibonacci levels, with stop losses placed above recent highs to manage risk effectively.
This setup is suitable for those expecting a pullback in the Dow Jones following its recent rally.
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