Hello TradingView community,
Analyzing the US30 on the 3-hour chart, we've identified a compelling Elliott Wave setup that suggests a potential pullback is imminent. The index completed a significant upward movement labeled as waves 1 through 5, followed by a corrective ABC pattern.
Currently, we observe that the price has started another impulse pattern, finishing wave (1) and wave (2), and recently completing wave (3) at a high. Wave (4) is now forming and is expected to be a smaller corrective move before wave (5) begins. However, the potential for wave (4) to extend lower presents a short opportunity, targeting the 0.382 Fibonacci retracement level at 38441.54.
For traders considering this strategy, entering a short position at the current levels could be promising, with a stop-loss placed just above the high of wave (3) to manage risk effectively. This setup provides an excellent risk-reward ratio given the potential retrace depth and the overall market volatility.
It's crucial to monitor this development closely, as the completion of wave (4) and the beginning of wave (5) will be critical to confirming the continuation of the bearish trend. Adjust your positions accordingly based on price action and be prepared to capitalize on this anticipated move.
Analyzing the US30 on the 3-hour chart, we've identified a compelling Elliott Wave setup that suggests a potential pullback is imminent. The index completed a significant upward movement labeled as waves 1 through 5, followed by a corrective ABC pattern.
Currently, we observe that the price has started another impulse pattern, finishing wave (1) and wave (2), and recently completing wave (3) at a high. Wave (4) is now forming and is expected to be a smaller corrective move before wave (5) begins. However, the potential for wave (4) to extend lower presents a short opportunity, targeting the 0.382 Fibonacci retracement level at 38441.54.
For traders considering this strategy, entering a short position at the current levels could be promising, with a stop-loss placed just above the high of wave (3) to manage risk effectively. This setup provides an excellent risk-reward ratio given the potential retrace depth and the overall market volatility.
It's crucial to monitor this development closely, as the completion of wave (4) and the beginning of wave (5) will be critical to confirming the continuation of the bearish trend. Adjust your positions accordingly based on price action and be prepared to capitalize on this anticipated move.
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