XAUUSD 18/9/2024 gold price has ended the correction?
Looking at H1, we have a sharp and fast-moving wave 3, followed by a corrective wave 4
- According to the Elliot wave principle, wave 2 is simple, wave 4 is complex and takes more time, so we are in wave 4.
- I temporarily label the small waves in wave 4 so that we can predict the end of wave 4
- Currently, looking at the price target of wave 4, we have the price range of 2565 - 2562 and the second target price range is the range of 2451 - 2448
- Looking at the structure of wave 4, we have a complex structure consisting of a Flat wave combined with a zigzag structure WXY. Looking at the wave 4 structure, we see that the correction structure may be sufficient and we expect the price to continue to increase according to wave 5
- The correction process of wave 4 is confirmed to be completed when the price breaks out through the 2590.188 zone, then we have the target zones of wave 5 above, which are the 2600 - 2603 zone and the 2616 - 2619 zone
Our trading plan
BUY ZONE: 2565 - 2562
SL: 2555
TP1: 2579
TP2: 2590
TP3: 2600
BUY ZONE: 2451 - 2448
SL: 2441
TP1: 2561
TP2: 2579
TP3: 2590
SELL ZONE: 2600 - 2603
SL: 2700
TP1: 2590
TP2: 2579
TP3: 2565
SELL ZONE: 2616 - 2619
SL: 2716
TP1: 2600
TP2: 2590
TP3: 2579
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