US30 Trade Idea 29 Oct 2024 (Time Frame H1)
The chart you've shared shows the Dow Jones Industrial Average (DJIA) on a 1-hour time frame. Here's a breakdown of the analysis, based on what I can see:
Observations:
Elliott Wave Count: The chart has Elliott Wave annotations, specifically identifying a correction pattern (labeled a, b, c) followed by a possible impulsive move (labeled i, ii, iii, iv, v).
Fibonacci Retracement Levels: Multiple Fibonacci retracement levels are drawn, suggesting potential areas for price reversals. Key levels are marked at 0.236, 0.382, 0.5, 0.618, and 0.786.
Projected Path: The white zig-zag line projects a possible upward trend following the completion of the current wave structure, with a target above the 0.5 or 0.618 retracement levels.
Stochastic Oscillator: The oscillator below shows values near the oversold region, which could indicate that a reversal is near.
Potential Trade Idea:
Entry: Wait for a confirmation of the fifth wave completion (v) near the support zone or Fibonacci extension levels (like 1.23 or 1.618). If the price holds and begins to turn upwards, it could signal the start of an upward impulsive move.
Target: Initial targets could be set at the Fibonacci retracement levels, such as 0.382 (42,413), 0.5 (42,393), or 0.618 (42,373). A stronger move could aim toward the higher Fibonacci levels.
Stop-Loss: Place a stop-loss below the recent low, possibly below the 1.618 Fibonacci extension level (42,203), to limit downside risk.
This analysis suggests a potential bullish reversal setup after wave completion. Make sure to monitor the price action for confirmation before entering a trade, and adjust risk management based on market conditions.
Happy trading and trade wisely guys..
Observations:
Elliott Wave Count: The chart has Elliott Wave annotations, specifically identifying a correction pattern (labeled a, b, c) followed by a possible impulsive move (labeled i, ii, iii, iv, v).
Fibonacci Retracement Levels: Multiple Fibonacci retracement levels are drawn, suggesting potential areas for price reversals. Key levels are marked at 0.236, 0.382, 0.5, 0.618, and 0.786.
Projected Path: The white zig-zag line projects a possible upward trend following the completion of the current wave structure, with a target above the 0.5 or 0.618 retracement levels.
Stochastic Oscillator: The oscillator below shows values near the oversold region, which could indicate that a reversal is near.
Potential Trade Idea:
Entry: Wait for a confirmation of the fifth wave completion (v) near the support zone or Fibonacci extension levels (like 1.23 or 1.618). If the price holds and begins to turn upwards, it could signal the start of an upward impulsive move.
Target: Initial targets could be set at the Fibonacci retracement levels, such as 0.382 (42,413), 0.5 (42,393), or 0.618 (42,373). A stronger move could aim toward the higher Fibonacci levels.
Stop-Loss: Place a stop-loss below the recent low, possibly below the 1.618 Fibonacci extension level (42,203), to limit downside risk.
This analysis suggests a potential bullish reversal setup after wave completion. Make sure to monitor the price action for confirmation before entering a trade, and adjust risk management based on market conditions.
Happy trading and trade wisely guys..
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