XAU/USD 17.12.24OANDA:XAUUSD
Hello Traders,
For the upcoming week, my Elliott Wave analysis suggests higher prices. Three days ago, I shared my long-term chart projection. Now, I’ve broken it down into the minor timeframes to refine the best entry points for my strategy.
If you're curious about the current wave we're in, feel free to check out my previous post:
Currently, I anticipate the formation of the green Wave 1 to 2 over the next few days, with Wave 2 potentially reaching its bottom soon. We're observing a significant ABC correction. Within the larger Wave B to C, we’ve formed another perfect AB correction, which now appears to consist of a probable 1-2-3-4-5 wave structure.
Today, the smaller Wave 3 hit our Fibonacci extension levels perfectly, as shown in the chart. At the moment, we’re experiencing a pullback in Wave 4, which I hope will lead to the completion of Wave 5 tomorrow. This would mark the end of the correction for the green Wave 1 to 2.
A smart entry point would be around the 78.6% Fibonacci level, which also serves as a take-profit level at the 100% Fibonacci extension of the seller. This zone will be very volatile. If we gather enough momentum to establish a new Wave 1, we can definitely expect higher prices.
Stay focused on the 2630 level, and good luck!
If you like my idea, I’d really appreciate some likes and feedback
