Current Market Structure & Elliott Wave Count
Wave 3 Completed near 2050+ (Key Resistance)
Wave 4 Correction Ongoing, currently testing 3006 - 2990
Wave 5 Expansion Potential if price holds support & reverses upward
Key Levels & Trading Zones
Major Resistance: 3080
Resistance: 3050
Pivot Zone: 3030
Mid-Level Control: 3010
Strong Support: 2990
Major Support: 2970
Breakdown Level: 2950
Ultimate Support: 2900
Trading Strategy & Execution Plan
Bullish Scenario (Wave 4 Completion & Wave 5 Start)
📌 Long Entry:
Buy at: 2990 - 2970
Stop Loss (SL): 2960
Take Profit (TP1): 3030
Take Profit (TP2): 3050
Take Profit (TP3): 3080
🎯 Probability: 80% (If price finds support above 2990)
Bearish Scenario (Wave 4 Deeper Correction or Reversal)
📌 Short Entry:
Sell at: 3030 - 3050 (Wave 3 High Rejection)
Stop Loss (SL): 3060
Take Profit (TP1): 3010
Take Profit (TP2): 2990
Take Profit (TP3): 2950
🎯 Probability: 70% (If price rejects 3050 resistance)
Final Thoughts & Risk Management
✅ Bias: Bullish above 2990, Bearish below 2970
✅ Risk/Reward Ratio: 1:3 for Both Scenarios
✅ Volatility Factor: Watch US Dollar Strength & Gold Fundamentals
Wave 3 Completed near 2050+ (Key Resistance)
Wave 4 Correction Ongoing, currently testing 3006 - 2990
Wave 5 Expansion Potential if price holds support & reverses upward
Key Levels & Trading Zones
Major Resistance: 3080
Resistance: 3050
Pivot Zone: 3030
Mid-Level Control: 3010
Strong Support: 2990
Major Support: 2970
Breakdown Level: 2950
Ultimate Support: 2900
Trading Strategy & Execution Plan
Bullish Scenario (Wave 4 Completion & Wave 5 Start)
📌 Long Entry:
Buy at: 2990 - 2970
Stop Loss (SL): 2960
Take Profit (TP1): 3030
Take Profit (TP2): 3050
Take Profit (TP3): 3080
🎯 Probability: 80% (If price finds support above 2990)
Bearish Scenario (Wave 4 Deeper Correction or Reversal)
📌 Short Entry:
Sell at: 3030 - 3050 (Wave 3 High Rejection)
Stop Loss (SL): 3060
Take Profit (TP1): 3010
Take Profit (TP2): 2990
Take Profit (TP3): 2950
🎯 Probability: 70% (If price rejects 3050 resistance)
Final Thoughts & Risk Management
✅ Bias: Bullish above 2990, Bearish below 2970
✅ Risk/Reward Ratio: 1:3 for Both Scenarios
✅ Volatility Factor: Watch US Dollar Strength & Gold Fundamentals
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.
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.