Hi everyone on TradingView! I'm thrilled to share my Elliott Wave analysis of NASDAQ, which, according to my latest observations, is signaling a sell. I've been rigorously applying the Elliott Wave theory to NASDAQ and would like to discuss my findings with you.
From my analysis, it's clear that NASDAQ has just completed its bullish impulse phase, characterized by the five-wave pattern fundamental to Elliott Wave theory. This completion is a crucial indicator, suggesting the onset of a corrective phase. Based on the wave patterns and overall market dynamics, I believe we're entering the initial stages of this bearish correction.
My analysis suggests that we've witnessed the peak of the fifth wave, marking the end of the bullish cycle, and are now transitioning into the corrective A-B-C pattern. In Elliott Wave theory, Wave A is usually a sharp decline and presents a potential selling opportunity. It seems we are at the beginning of Wave A, indicating a shift in market sentiment from bullish to bearish.
Given these indicators, I'm considering a short position in NASDAQ. The target for this trade would be set around the end of the previous Wave 4, as this is a common retracement level in Elliott Wave theory. This strategy is based on the expectation that Wave A will drive the price down to this significant level.
As always, I recommend using this Elliott Wave analysis in conjunction with other technical indicators and robust risk management strategies. I’m keen to hear your views on NASDAQ and how you’re approaching this market, so let's have a fruitful discussion in the comments section below!
From my analysis, it's clear that NASDAQ has just completed its bullish impulse phase, characterized by the five-wave pattern fundamental to Elliott Wave theory. This completion is a crucial indicator, suggesting the onset of a corrective phase. Based on the wave patterns and overall market dynamics, I believe we're entering the initial stages of this bearish correction.
My analysis suggests that we've witnessed the peak of the fifth wave, marking the end of the bullish cycle, and are now transitioning into the corrective A-B-C pattern. In Elliott Wave theory, Wave A is usually a sharp decline and presents a potential selling opportunity. It seems we are at the beginning of Wave A, indicating a shift in market sentiment from bullish to bearish.
Given these indicators, I'm considering a short position in NASDAQ. The target for this trade would be set around the end of the previous Wave 4, as this is a common retracement level in Elliott Wave theory. This strategy is based on the expectation that Wave A will drive the price down to this significant level.
As always, I recommend using this Elliott Wave analysis in conjunction with other technical indicators and robust risk management strategies. I’m keen to hear your views on NASDAQ and how you’re approaching this market, so let's have a fruitful discussion in the comments section below!
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