### TONUSDT SHORT
I've been analyzing TONUSDT on the 15-minute chart, and it looks like a promising short opportunity. The Elliott Wave pattern shows a clear five-wave impulse followed by an 'a' wave correction.
Currently, the price has retraced to the 0.634 Fibonacci level at 7.618, indicating a potential resistance point. This setup suggests a further downward correction.
I'm expecting the next move to target the 1 Fibonacci extension level at 7.345 and possibly extend to the 1.618 level at 7.176. These levels often act as strong support during a corrective phase.
This setup offers a good opportunity to enter a short position, aiming to capitalize on the expected price decline.
I've been analyzing TONUSDT on the 15-minute chart, and it looks like a promising short opportunity. The Elliott Wave pattern shows a clear five-wave impulse followed by an 'a' wave correction.
Currently, the price has retraced to the 0.634 Fibonacci level at 7.618, indicating a potential resistance point. This setup suggests a further downward correction.
I'm expecting the next move to target the 1 Fibonacci extension level at 7.345 and possibly extend to the 1.618 level at 7.176. These levels often act as strong support during a corrective phase.
This setup offers a good opportunity to enter a short position, aiming to capitalize on the expected price decline.
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.