Traders, let's dive into the DJIA (US30) on the 4-hour chart where we're seeing a fascinating Elliott Wave scenario unfold. After the peak of wave (5), the index has entered a corrective phase, which appears to be forming an ABC pattern.
Wave (a) made a sharp decline, and wave (b) has retraced back up, potentially completing its course. We're now anticipating the start of wave (c), which, if it follows Elliott Wave principles, could extend down to the 0.618 Fibonacci retracement level at 36877.30.
As the index responds to broader market sentiment and economic indicators, these corrective waves offer insights into possible reversal points and the market’s underlying rhythm. It's critical to stay tuned to financial news and market reports that may influence the index's movements.
Wave (a) made a sharp decline, and wave (b) has retraced back up, potentially completing its course. We're now anticipating the start of wave (c), which, if it follows Elliott Wave principles, could extend down to the 0.618 Fibonacci retracement level at 36877.30.
As the index responds to broader market sentiment and economic indicators, these corrective waves offer insights into possible reversal points and the market’s underlying rhythm. It's critical to stay tuned to financial news and market reports that may influence the index's movements.
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