Analyzing US30 on the 45-minute chart using Elliott Wave Theory, I observed that wave (5) marked the end of the recent upward move. Following this, wave (a) initiated a downward correction, and the recent upward correction formed wave (b). Now, I am expecting wave (c) to continue the downtrend. The potential targets for wave (c) are:
- 0.618 retracement level of wave (b) at 39892.05
- 0.5 retracement level of wave (b) at 39829.48
- 0.405 retracement level of wave (b) at 39778.96
If wave (c) continues the downtrend, potential targets include:
- 0.618 retracement level at 39451.25
- The length of wave (a) at 39248.69
- 1.618 extension of wave (a) at 38920.98
This setup suggests a short position on US30, targeting these levels as potential take-profit points.
- 0.618 retracement level of wave (b) at 39892.05
- 0.5 retracement level of wave (b) at 39829.48
- 0.405 retracement level of wave (b) at 39778.96
If wave (c) continues the downtrend, potential targets include:
- 0.618 retracement level at 39451.25
- The length of wave (a) at 39248.69
- 1.618 extension of wave (a) at 38920.98
This setup suggests a short position on US30, targeting these levels as potential take-profit points.
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