XAUUSD 19/9/2024 Downtrend is over?
Looking at H1 we see that after the FOMC news we witnessed a strong price increase creating ATH at the 2600 area. Then there was a strong decrease to the 2547 area
- So wave 5 has completed as expected my target. now we expect an ABC correction
- Looking at the chart we see a strong decline suggesting a completed wave A, this strong decline also shows us that wave A has a 5-wave structure so this correction we expect a correction according to the ABC Zigzac correction structure
- The target of wave B I expect at the 2580 - 2583 zone or the 2579 - 2600 zone this is our SELL target
- After completing the target of wave B the price continues to decrease to complete wave C I expect the target to complete wave C at the price zone of 2528 - 2525 this will be our BUY target
- We also have a strong support zone at the price zone of 2451 - 2448 this will be our BUY scalp zone
Trading plan
SELL ZONE 2580 - 2583
SL: 2590
TP1: 2570
TP2: 2562
TP3: 2551
SELL ZONE: 2597 - 2600
SL: 2607
TP1: 2590
TP2: 2579
TP3: 2562
BUY ZONE: 2551 - 2448
SL: 2561
TP1: 2562
TP2: 2570
TP3: 2579
BUY ZONE: 2528 - 2525
TP1: 2541
TP2: 2551
TP3: 2562
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