Traders, zooming into the NASDAQ (US100) on the 45-minute chart, we're seeing a classic Elliott Wave structure. Following the completion of what appears to be wave (5) of an impulse move, we've entered a corrective phase, highlighted by a clear ABC pattern.
Currently, wave (a) seems to have completed, and the market has bounced back up in a wave (b). We're now looking at the potential beginnings of wave (c), which could drive the index further down. The Fibonacci retracement levels are showing us targets for wave (c) at the 0.508 level (17202.4) and the 0.618 level (17160.1), which could provide strong support.
The NASDAQ is highly responsive to tech sector news and broader economic indicators, so staying on top of the latest developments is key for trading this index. As the market moves into this corrective phase, there's the potential for short opportunities down to these Fibonacci levels.
I'm preparing for possible entries that align with the completion of wave (c), all while ensuring risk management remains a priority. As always, it’s wise to corroborate Elliott Wave signals with other indicators and market analysis to refine entry and exit points. Let's watch how this correction unfolds!
Currently, wave (a) seems to have completed, and the market has bounced back up in a wave (b). We're now looking at the potential beginnings of wave (c), which could drive the index further down. The Fibonacci retracement levels are showing us targets for wave (c) at the 0.508 level (17202.4) and the 0.618 level (17160.1), which could provide strong support.
The NASDAQ is highly responsive to tech sector news and broader economic indicators, so staying on top of the latest developments is key for trading this index. As the market moves into this corrective phase, there's the potential for short opportunities down to these Fibonacci levels.
I'm preparing for possible entries that align with the completion of wave (c), all while ensuring risk management remains a priority. As always, it’s wise to corroborate Elliott Wave signals with other indicators and market analysis to refine entry and exit points. Let's watch how this correction unfolds!
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