This 4-hour chart of XAU/USD is showcasing a WXY corrective pattern, a classic double zigzag (W)-(X)-(Y) correction after a strong impulsive move
Wave (W) has topped, marking the end of the first corrective leg.
A deep correction into the 0.5 Fibonacci retracement level occurred with wave (X), forming a potential higher low within the red demand zone.
Now, wave (Y) is anticipated, which typically mirrors or slightly exceeds the length of wave (W) but in a more corrective format.
Target 1: 3292.629
Target 2: 3372.161
Stop loss: 3201.955
Wave (W) has topped, marking the end of the first corrective leg.
A deep correction into the 0.5 Fibonacci retracement level occurred with wave (X), forming a potential higher low within the red demand zone.
Now, wave (Y) is anticipated, which typically mirrors or slightly exceeds the length of wave (W) but in a more corrective format.
Target 1: 3292.629
Target 2: 3372.161
Stop loss: 3201.955
Trade closed: target reached
Note
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We're about to hit 2,000 followers on TradingView! 🚀
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
Related publications
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.