XAUUSD June 26, 2024 important price zones?
Yesterday's price broke the 2334 zone, confirming the abc wave correction process, which also means that wave 1 and orange wave 2 have completed.
After that, the price continues to decrease to continue completing wave 3. We have the characteristics of wave 3 as moving quickly and sharply,
- So we wait for the candle to close below 2316.8 to confirm the correction to complete.
- The second important price zone to confirm that we are in wave 3 is the price zone 2309 that needs to be broken down and the sufficient condition is that the price breaks below 2287.
- After the price has broken below the 2287 area, the target price area we have measured will be considered the 2256 price area and then the 2210 price area.
- I have listed important price zones so you can have the best trading management plan.
- Trading plan with sold transactions from the 2334 - 2337 range, you can watch these price zones to lock in partial profits or you can DCA when the price breaks out through these price zones.
- When the price breaks out through these price zones, you can find an entry point for a Sell order
Comment:
Thus, after the price broke the 2309 zone, the price continued to decrease to the 2295 zone. It is likely that the price has approached the 2287 zone and this zone will be the last stronghold preventing the price from reaching the 2256 target zone.
- Looking at the momentum indicator, we see that the momentum is about to approach the oversold area so the possibility of the price approaching 2287 is very high and after approaching this area the price will have a slight recovery.
- And then if the price breaks this zone, we start looking at the purple wave 5 target zones to look for buy orders.
- Looking at the momentum indicator, we see that the momentum is about to approach the oversold area so the possibility of the price approaching 2287 is very high and after approaching this area the price will have a slight recovery.
- And then if the price breaks this zone, we start looking at the purple wave 5 target zones to look for buy orders.
Comment:
The price has approached the 2295 zone and is currently recovering very weakly in this zone.
- There is a high possibility that the price will continue to break this zone and drop to the 2287 zone.
+ At area 2287, if the price breaks out below this area, the price will continue to complete the target of wave 5 at price area 2256 or 2210.
+ If the price continues to rebound and surpass the 2315 price range, then we can say that the correction has not ended and the current price is still in a complex correction, then we have to count the waves again ( I will update if this situation occurs
- There is a high possibility that the price will continue to break this zone and drop to the 2287 zone.
+ At area 2287, if the price breaks out below this area, the price will continue to complete the target of wave 5 at price area 2256 or 2210.
+ If the price continues to rebound and surpass the 2315 price range, then we can say that the correction has not ended and the current price is still in a complex correction, then we have to count the waves again ( I will update if this situation occurs
- Currently we need a sharp and fast price line to strengthen our hypothesis.
- If the price does not break 2309 but rises above 2325, then we may have to re-count the wave.
+ Then the previous corrective up wave is not wave 2 but black wave 4, and the current down wave is black wave 5 at 2309 and will be followed by a recovery according to the new ABC model and the target. rebounded to 2343 then decreased following the main trend
+ However, it must be noted that the main trend is still a downtrend because the purple wave 5 target needs to be completed before entering the official uptrend.