Send me real-time posts from this site at my email
TradingView

Sell setup around 3500

Sell setup around 3500

The Dow has broken out of it's base channel and there is a nice impulsive move happening to the downside. The 1.618 Extension of wave 1 has been reached. I have no idea if we start to retrace here or if we have much further to go. But if we do retrace in 3 waves to the 38.2 Retracement level of wave 3 at aprox 3500 then i will look for Sells, here are some Confluence reasons. 38.2 Retracement. 3500 Round Number. Previous Wave 4. Strong Rejection here 10 May 2021. So a good place to look for a wave 5 Sell. If we do get a 3 Wave Retracement it could be just wave A of a Wave 4 Triangle, So some patience may need to be applied to realise the full potential of the trade.

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue