Wave 4 Triangle or Running Flat? Key Levels to Watch!
As seen in the chart, I'm tracking a potential Wave 4 triangle forming in gold. The price action has respected the A-B-C-D-E structure so far, suggesting that consolidation might be nearing completion before a breakout into Wave 5.
However, if the price breaks above Wave D's high prematurely, this would invalidate the triangle and suggest that Wave 4 already ended as a running flat, meaning we may already be in the early stages of Wave 5.
Key Levels to Watch:
🔹 Resistance: [D-wave high] – The triangle scenario is invalid if the price breaks above this level without completing Wave E.
🔹 Support Zone: [Green highlighted area] – Holding above this would strengthen the case for a triangle breakout.
🔹 Invalidation: A strong impulse below the support zone could indicate a deeper correction instead of Wave 5 beginning.
If the triangle holds, we could see one more touch of support before Wave 5 extends higher. Otherwise, the market may already be heading up in a more aggressive move.
Which scenario do you think will play out? Drop your thoughts below!
However, if the price breaks above Wave D's high prematurely, this would invalidate the triangle and suggest that Wave 4 already ended as a running flat, meaning we may already be in the early stages of Wave 5.
Key Levels to Watch:
🔹 Resistance: [D-wave high] – The triangle scenario is invalid if the price breaks above this level without completing Wave E.
🔹 Support Zone: [Green highlighted area] – Holding above this would strengthen the case for a triangle breakout.
🔹 Invalidation: A strong impulse below the support zone could indicate a deeper correction instead of Wave 5 beginning.
If the triangle holds, we could see one more touch of support before Wave 5 extends higher. Otherwise, the market may already be heading up in a more aggressive move.
Which scenario do you think will play out? Drop your thoughts below!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.