Reversal Magnet to Key Support: Retracement to Wave 4 in XAUUSD
Updated
In this analysis, I'm highlighting a critical support level in XAU/USD, where the price is reversing and being drawn to the Wave 4 region of the previous impulse wave, according to the Elliott Wave Principle (EWP). This level often acts as a strong support zone, making it a key area to monitor.
On higher timeframes, there is a possibility of a Head and Shoulders pattern forming, which would further confirm the likelihood of a reversal at this key level. Traders should watch this area closely for signs of bearish continuation patterns or additional confirmation signals.
On higher timeframes, there is a possibility of a Head and Shoulders pattern forming, which would further confirm the likelihood of a reversal at this key level. Traders should watch this area closely for signs of bearish continuation patterns or additional confirmation signals.
Trade active
On sidewaysTrade closed: stop reached
Bullish Trend Continued
Tanakorn Koomrampai ,CMT, CFTe
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FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
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