Short

XAU/USD 20.11.2024

Updated

Hello Traders,

Here are my thoughts for the coming days/weeks/months, based on the Elliott Wave method:

It’s clear that we’ve topped out at wave (3).I anticipate seeing an ABC correction forming within the overall wave A to B. Fibonacci target levels for the smaller wave C can be drawn once wave B is established.
My plan is to short at the 78% Fibonacci level where also a high volume area is, riding the move down in wave 4. Along the way, I’m looking for a clean 1-2-3-4-5 setup from the larger wave (B) to the larger wave (C). That would be phenomenal clear chart set up.

If you have any questions, feel free to ask! ;)

Trade active

smal A finished. We could see a 1-2-3-4-5 setup as an a wave. now I'll look for a short trade back to small b

Note

short positions opened at 2670

Trade closed: target reached

Another short positon from 2705 with an sl at 2712

NeptenFX

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