Short

XAUUSD 23.12.24

Hello traders, we are currently in our wave (3) heading towards wave (4) within an ABC correction. Our wave B could either directly transition to wave C or form a 1, 2, 3, 4, 5 setup leading to wave C. We have a strong resistance zone at 2620. If we break through this level to the upside, I believe we could see a 1, 2, 3, 4, 5 setup. Otherwise, in the case of an ABC correction, we will most likely drop to around the 2300 level. This is both a Fibonacci zone of our (4) wave and the Fib extension take-profit level of our ABC wave.

NeptenFX

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