I'm going short on XAUUSD based on the 45-minute chart. The Elliott Wave pattern indicates that the price is currently in wave (c) after completing a corrective pattern. My target for wave (c) is the 0.618 Fibonacci retracement level at 2293.389.
The chart shows a clear corrective pattern following the five-wave impulse, suggesting a short-term downward movement. Entering at the current price level of 2324.495, I expect a move to the indicated Fibonacci level. The stop-loss is set just above the recent high to manage risk effectively. This setup provides a favorable risk-reward ratio for a short position.
The chart shows a clear corrective pattern following the five-wave impulse, suggesting a short-term downward movement. Entering at the current price level of 2324.495, I expect a move to the indicated Fibonacci level. The stop-loss is set just above the recent high to manage risk effectively. This setup provides a favorable risk-reward ratio for a short position.
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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.