I'm going short on NASDAQ based on the 30-minute chart. The Elliott Wave pattern indicates the completion of wave (b) and the onset of wave (c) downward movement. My target for wave (c) is the 0.618 Fibonacci extension level at 19,432.3, with a possible further decline to the 1.0 level at 19,190.0.
The chart shows a clear corrective wave pattern followed by an impulsive wave, suggesting downward momentum. Entering at the current price level of 19,746.6, I expect a decrease to the indicated Fibonacci levels. The stop-loss is set just above the recent high of wave (b) to manage risk effectively. This setup provides a favorable risk-reward ratio for a short position.
The chart shows a clear corrective wave pattern followed by an impulsive wave, suggesting downward momentum. Entering at the current price level of 19,746.6, I expect a decrease to the indicated Fibonacci levels. The stop-loss is set just above the recent high of wave (b) to manage risk effectively. This setup provides a favorable risk-reward ratio for a short position.
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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.