XAUUSD 12/9/2024 will the gold price continue to decrease
Looking at H1, we see a complete Elliot structure has been completed including 5 main waves and 3 abc correction waves, I used purple to symbolize on the chart
- Following a complete structure is a new trend that coincides with the main trend with a 5-wave structure
- Currently, we predict that wave 1 in the new trend has been completed and wave 2 is being completed
- The target area of wave 2 I measured at the area of 2508 - 2505, we will use this price area as the target to BUY up according to wave 3
- At that time, we measure the target of wave 3 at least at the area of 2538 - 2541 and this price area will be our Sell target to catch the wave 4 correction down
- I still reserve a case that the current price wave 2 continues to adjust according to the abc structure that has not ended, then we will have a target BUY at 2494 - 2491
Trading Plan
BUY ZONE: 2508 - 2505
SL: 2498
TP1: 2516
TP2: 2525
TP3: 2532
BUY ZONE: 2494 - 2491
SL: 2484
TP1: 2500
TP2: 2508
TP3: 2520
SELL ZONE: 2538 - 2541
SL: 2548
TP1: 2531
TP2: 2525
TP3: 2517
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