I'm going long on NASDAQ based on the 45-minute chart. The Elliott Wave pattern indicates the completion of wave (4) and the onset of wave (5) impulse. My target for wave (5) is the 1.618 Fibonacci extension level at 20319.7.
The chart shows a clear corrective wave pattern followed by an impulsive wave, suggesting upward momentum. Entering at the current price level of 19584.0, I expect a move up to the indicated Fibonacci level. The stop-loss is set just below the recent low of wave (4) to manage risk effectively. This setup provides a favorable risk-reward ratio for a long position.
The chart shows a clear corrective wave pattern followed by an impulsive wave, suggesting upward momentum. Entering at the current price level of 19584.0, I expect a move up to the indicated Fibonacci level. The stop-loss is set just below the recent low of wave (4) to manage risk effectively. This setup provides a favorable risk-reward ratio for a long 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.