Analyzing NASDAQ (US100) on the 30-minute chart using Elliott Wave Theory, I observed that wave (5) marked the end of the recent upward move, reaching the 1.708 extension at 18934.7. Following this, I am expecting wave (a) to initiate a downward correction. The potential retracement levels for wave (a) are:
- 0.382 retracement level at 18754.8
- 0.5 retracement level at 18699.2
- 0.618 retracement level at 18643.6
This setup suggests a short position on NASDAQ, targeting these levels as potential take-profit points.
- 0.382 retracement level at 18754.8
- 0.5 retracement level at 18699.2
- 0.618 retracement level at 18643.6
This setup suggests a short position on NASDAQ, targeting these levels as potential take-profit points.
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