I've been analyzing the NOT/USDT chart on a 15-minute timeframe and I see a potential short setup based on the Elliott Wave pattern. The chart indicates that wave (5) has completed, and the price is now starting to correct.
Here's my plan for this trade:
- Entry Point: I'm planning to enter a short position around the current price level of 0.01692 USDT. The recent price action suggests that the market is beginning a corrective phase.
- Target: My target for this short trade is around the 0.01566 USDT level, which aligns with the 50% Fibonacci retracement of the recent move. If the correction extends, the next target would be the 0.01519 USDT level, corresponding to the 61.8% Fibonacci retracement.
- Stop Loss: To manage my risk, I will set a stop loss slightly above the peak of wave (5), at around 0.0175 USDT, to protect against any potential upward reversal.
By entering at this level, I aim to capture the expected downward movement as the price corrects from the recent highs. I'll be closely monitoring the price action to adjust my trade management as necessary.
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.