XAUUSD May 22, 2024 Is the current correction over?
Updated
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Yesterday there were many statements from members of the Fed
1. Fed's Jefferson says it's too early to know whether deflation will last.
2. Fed's Mester says economic conditions do not support three rate cuts.
3. Fed's Bostic expects only one rate cut this year.
The main content is to maintain the increase in interest rates. This information continues to support the current adjustment period
Looking at the H1 chart we see
- The current correction process is likely to be an abcde triangle correction wave model.
- This process is likely entering the final stage of the correction. Looking at the price model, we wait for wave e to form to end the correction.
- The correction process is confirmed to be completed when the price breaks through the peak of wave d (2433.8), then the price continues to increase to the target of 2500
Trading plan
If price stays above 2406 we have a good buying zone at 2408
If the price breaks down to 2406 we have a good buying zone at 2401
Note: Sufficient TP, SL to be safe and win the market‼ ️Change data plan will be updated later.
Deekop's analysis is only a personal opinion with a desire to share its views with the community. I'm not always right. But my analysis always reflects my meticulous evaluation of what is best for an investment.
Financial freedom is true freedom.
Yesterday there were many statements from members of the Fed
1. Fed's Jefferson says it's too early to know whether deflation will last.
2. Fed's Mester says economic conditions do not support three rate cuts.
3. Fed's Bostic expects only one rate cut this year.
The main content is to maintain the increase in interest rates. This information continues to support the current adjustment period
Looking at the H1 chart we see
- The current correction process is likely to be an abcde triangle correction wave model.
- This process is likely entering the final stage of the correction. Looking at the price model, we wait for wave e to form to end the correction.
- The correction process is confirmed to be completed when the price breaks through the peak of wave d (2433.8), then the price continues to increase to the target of 2500
Trading plan
If price stays above 2406 we have a good buying zone at 2408
If the price breaks down to 2406 we have a good buying zone at 2401
Note: Sufficient TP, SL to be safe and win the market‼ ️Change data plan will be updated later.
Deekop's analysis is only a personal opinion with a desire to share its views with the community. I'm not always right. But my analysis always reflects my meticulous evaluation of what is best for an investment.
Note
Note
The price is creating new peaks lower than the old peak, so we expect a shakeout before the price increasesNote
Looking at H1, there is currently strong demand absorbing selling pressure at the 2412 area. Here we see many candlesticks withdrawing.Note
Note
The price has touched the target and bounced up
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