I'm currently evaluating a potential long opportunity for the NASDAQ (US100) using Elliott Wave principles. Our analysis suggests that we're witnessing the formation of a new bullish impulse wave.
The market appears to have completed a corrective phase with wave (4) and is now transitioning into what could potentially be a powerful wave (5). This phase often offers significant opportunities for gains as it may extend the momentum seen in earlier waves.
Wave (5) initiation: Following the end of wave (4), we are looking to capitalize on the upward movement that wave (5) suggests. Based on the previous wave patterns, we are targeting the Fibonacci retracement levels, with a first significant target around the 0.618 retracement at 18719.2, potentially moving higher to the 1.0 extension at 19176.6.
For traders considering a long position, now could be a strategic time to engage as we observe the development of wave (5). It's essential to confirm bullish momentum as this wave progresses to ensure it aligns with our expectations.
Effective risk management is crucial; setting stop losses just below the recent low of wave (4) will help protect against potential downside. I'll continue to provide updates on this setup and any adjustments needed based on how the pattern develops.
The market appears to have completed a corrective phase with wave (4) and is now transitioning into what could potentially be a powerful wave (5). This phase often offers significant opportunities for gains as it may extend the momentum seen in earlier waves.
Wave (5) initiation: Following the end of wave (4), we are looking to capitalize on the upward movement that wave (5) suggests. Based on the previous wave patterns, we are targeting the Fibonacci retracement levels, with a first significant target around the 0.618 retracement at 18719.2, potentially moving higher to the 1.0 extension at 19176.6.
For traders considering a long position, now could be a strategic time to engage as we observe the development of wave (5). It's essential to confirm bullish momentum as this wave progresses to ensure it aligns with our expectations.
Effective risk management is crucial; setting stop losses just below the recent low of wave (4) will help protect against potential downside. I'll continue to provide updates on this setup and any adjustments needed based on how the pattern develops.
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