NASDAQ's recent Elliott Wave pattern signals a prime SHORT opportunity could be approaching. With the completion of what appears to be a corrective wave (b) and the start of an impulsive move to the downside for wave (c), we could be witnessing the early stages of a significant bearish trend.
The Fibonacci retracement levels from the prior upward move give us potential targets for wave (c), with the 1 and 1.618 extensions serving as points of interest. The anticipated decline aligns with the broader market sentiment of caution as investors reassess valuations and potential interest rate hikes.
A strategic entry point can be considered upon a clear break of the current support, with stop-loss orders thoughtfully placed above the peak of wave (b). Targeting the Fibonacci levels for potential exits, traders should monitor momentum indicators for signs of accelerated selling pressure.
This SHORT setup is one to watch as the index interacts with key technical levels, offering traders the chance to capitalize on the unfolding wave (c).
The Fibonacci retracement levels from the prior upward move give us potential targets for wave (c), with the 1 and 1.618 extensions serving as points of interest. The anticipated decline aligns with the broader market sentiment of caution as investors reassess valuations and potential interest rate hikes.
A strategic entry point can be considered upon a clear break of the current support, with stop-loss orders thoughtfully placed above the peak of wave (b). Targeting the Fibonacci levels for potential exits, traders should monitor momentum indicators for signs of accelerated selling pressure.
This SHORT setup is one to watch as the index interacts with key technical levels, offering traders the chance to capitalize on the unfolding wave (c).
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