US30 looks to be completing a wave 4 pullback in the form of an ABC correction. We are looking for a wave 5 to begin and push down toward the 16000-15000 level. A few things must happen for this set up to remain valid.
1. Wave 4 cannot pull back higher than where wave 1 ended (around 24700). This would invalidate the Elliot wave structure.
2. We need a strong bearish push in order to confirm the end of wave 4 and beginning of wave 5. This is where we can jump on a smaller timeframe for our entry.
3. Price would need to break the yearly low (currently at 18150) in order to fully complete wave 5 for a final target of 15500. Price could hit the yearly low and bounce up to attempt a double bottom, therefore most profits should be taken at this level.
TP 1: 21000
TP 2: 18500 *close most of positions
TP 3: 15500
Keep in mind US30 is highly volatile. Use proper risk management. This set up has a great risk to reward.
I am not a financial advisor. This is not financial advice. This is for educational purposes only.
1. Wave 4 cannot pull back higher than where wave 1 ended (around 24700). This would invalidate the Elliot wave structure.
2. We need a strong bearish push in order to confirm the end of wave 4 and beginning of wave 5. This is where we can jump on a smaller timeframe for our entry.
3. Price would need to break the yearly low (currently at 18150) in order to fully complete wave 5 for a final target of 15500. Price could hit the yearly low and bounce up to attempt a double bottom, therefore most profits should be taken at this level.
TP 1: 21000
TP 2: 18500 *close most of positions
TP 3: 15500
Keep in mind US30 is highly volatile. Use proper risk management. This set up has a great risk to reward.
I am not a financial advisor. This is not financial advice. This is for educational purposes only.
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Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.