#US30 (Dow Jones) Elliott Wave Analysis
The market never gives without taking back. Wave 1 was the gift. Wave 2 is the receipt.
The market never gives without taking back. Wave 1 was the gift. Wave 2 is the receipt.
The impulse from the April lows is complete. Five waves took us from 44,850 to the recent highs above 51,600. Now the structure is calling for a correction.
Wave 2 is not your enemy. It's your opportunity.
The Fibonacci levels are clearly marked: 0.5 around 48,500 and 0.618 near 47,500. This is where patient traders will be watching. Not panicking. Not forcing entries during the chop. Just waiting for the market to deliver the correction we've been expecting.
Amateur traders see the pullback and think the bull run is over. Professional traders see Wave 2 and start planning their Wave 3 entries.
The trend remains bullish. The correction is temporary. The next major leg up will be worth the patience.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Elliott Wave analysis involves subjective interpretation. Always do your own research and manage your risk accordingly.
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