XAUUSD on June 27, 2024, the final decline?
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 happens)
- At this price range, we should only observe or play Scalping because we have two price resistance zones that are quite close to each other, the 2295 zone and the 2287 zone.
Yesterday we had a price increase in the 2295 area.
As I said, if in this zone the price increases beyond 2316.8, we have to count the waves again
- We are still in a downtrend and this increase is just a recovery
- The new wave counting process is denoted as on the graph. The price decline ended at 2295, wave 5 has completed and next we have the ABC correction process.
- Wave A is a 5-wave pattern and currently we see the price is in the wave 4 target area.
- Next we have the price will continue to complete wave 5 to complete wave A
- So with the Buy settings we can set the appropriate TP, you can gradually increase the SL to avoid losing profits.
- We have 2 price zones to complete the wave A target: 2332.9 and 2341.4, these are two potential price zones for the current price increase.