I'm going long on US30 based on the 30-minute chart. The Elliott Wave pattern indicates the completion of wave (4) and the onset of wave (5) upward movement. My target for wave (5) is the 1.0 Fibonacci extension level at 39,686.34, with a possible further rise to the 1.618 level at 40,104.86.
The chart shows a clear corrective wave pattern followed by an impulsive wave, suggesting upward momentum. Entering at the current price level of 39,050.28, I expect an increase to the indicated Fibonacci levels. 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 39,050.28, I expect an increase to the indicated Fibonacci levels. 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.