In this 15-minute chart of the US30, we have observed a completed Elliott Wave sequence culminating at a high that potentially marks the end of a significant bullish phase. As the index now embarks on a corrective journey, I've applied Fibonacci retracement levels to identify potential reversal zones that could signal the beginning of a short opportunity.
Starting from the recent high, our analysis focuses on several critical Fibonacci levels that may serve as targets for the retracement:
- The first level at 0.167 (38863.45) has already been tested.
- Key levels to watch now are the 0.382 (38772.06), 0.500 (38721.85), and particularly the 0.618 (38671.65), a common retracement level where significant reversals can occur.
The strategy is to observe price action at these levels closely for indications of resistance and potential downward reversal. A solid confirmation of bearish momentum at these Fibonacci levels could validate a short entry.
Risk management is crucial; thus, setting stop losses slightly above the recent peak ensures protection against potential upward spikes. This setup targets the lower Fibonacci levels, providing a structured approach to capturing potential downturns in the market.
This analysis suggests that traders prepare for a short scenario, watching for price action to confirm movement towards and potentially beyond the 0.618 level, aiming for a conservative exit or scale-out points.
Starting from the recent high, our analysis focuses on several critical Fibonacci levels that may serve as targets for the retracement:
- The first level at 0.167 (38863.45) has already been tested.
- Key levels to watch now are the 0.382 (38772.06), 0.500 (38721.85), and particularly the 0.618 (38671.65), a common retracement level where significant reversals can occur.
The strategy is to observe price action at these levels closely for indications of resistance and potential downward reversal. A solid confirmation of bearish momentum at these Fibonacci levels could validate a short entry.
Risk management is crucial; thus, setting stop losses slightly above the recent peak ensures protection against potential upward spikes. This setup targets the lower Fibonacci levels, providing a structured approach to capturing potential downturns in the market.
This analysis suggests that traders prepare for a short scenario, watching for price action to confirm movement towards and potentially beyond the 0.618 level, aiming for a conservative exit or scale-out points.
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.