XAUUSD ( Elliott Wave Analysis )
Key Observations:
Primary Impulse Structure:
- The chart shows a well-defined five-wave impulse sequence, marked by numbers (1, 2, 3, 4, 5) in different degrees.
- The third wave (Wave 3) appears to be extended, a common characteristic in strong trends.
Sub-Wave Structures:
- Within the major impulse waves, smaller-degree waves are labeled in red, orange, and green, signifying the fractal nature of Elliott Waves.
- This detailed breakdown provides insights into potential micro-trends and pullbacks.
Current Market Position:
- The price is currently at the end of Wave (iii) of the larger degree, suggesting that a Wave (iv) correction may occur before a final push to complete Wave (v).
- The projected path in dashed lines anticipates a correction followed by another rally toward a higher target.
Potential Trading Implications:
- If the market follows the Elliott Wave count, traders may look for a pullback (Wave iv) as a buying opportunity before Wave v.
- Key support zones for Wave iv could be previous resistance levels or Fibonacci retracement areas.
- Confirmation of Wave v completion could signal a larger corrective phase afterward.
Conclusion:
This Elliott Wave analysis suggests the asset is in a strong uptrend with potential for further gains after a minor correction. Traders should watch for retracement levels and confirmation of the final wave structure before making trading decisions.
Primary Impulse Structure:
- The chart shows a well-defined five-wave impulse sequence, marked by numbers (1, 2, 3, 4, 5) in different degrees.
- The third wave (Wave 3) appears to be extended, a common characteristic in strong trends.
Sub-Wave Structures:
- Within the major impulse waves, smaller-degree waves are labeled in red, orange, and green, signifying the fractal nature of Elliott Waves.
- This detailed breakdown provides insights into potential micro-trends and pullbacks.
Current Market Position:
- The price is currently at the end of Wave (iii) of the larger degree, suggesting that a Wave (iv) correction may occur before a final push to complete Wave (v).
- The projected path in dashed lines anticipates a correction followed by another rally toward a higher target.
Potential Trading Implications:
- If the market follows the Elliott Wave count, traders may look for a pullback (Wave iv) as a buying opportunity before Wave v.
- Key support zones for Wave iv could be previous resistance levels or Fibonacci retracement areas.
- Confirmation of Wave v completion could signal a larger corrective phase afterward.
Conclusion:
This Elliott Wave analysis suggests the asset is in a strong uptrend with potential for further gains after a minor correction. Traders should watch for retracement levels and confirmation of the final wave structure before making trading decisions.
Trade active
2,860 - 2,880 Zone (Wave iv Support)
This area aligns with the expected Wave iv correction before the final push toward Wave v.
If the price retraces into this zone, watch for bullish price action (wicks, bullish engulfing candles, or volume spikes) as confirmation.
Disclaimer
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