XAUUSD June 21, 2024 Is the rising wave over?
Our wave C target has been achieved, looking at the price we see
- Yesterday after the news of unemployment benefits was announced, the price increased sharply to our target area of 2364 and is currently correcting. So the price increased sharply and quickly, which is the characteristic of wave 3, then the price decreased and adjusted until now, so it is likely that the price is in wave 4.
- So we may have wave 5 to end this wave C and from current price data we can measure the target area for this wave C from 2364 to 2374.
We will consider the price range from 2364 to 2374, this is a very good price range to sell down.
After the price reaches the target of wave C as above, if the price breaks the 2387.5 zone, then our trading plan must change.
In case the price drops, we have the goal of completing the big wave 5 as shown on the chart at area 2256 and area 2210.
- Yesterday after the news of unemployment benefits was announced, the price increased sharply to our target area of 2364 and is currently correcting. So the price increased sharply and quickly, which is the characteristic of wave 3, then the price decreased and adjusted until now, so it is likely that the price is in wave 4.
- So we may have wave 5 to end this wave C and from current price data we can measure the target area for this wave C from 2364 to 2374.
We will consider the price range from 2364 to 2374, this is a very good price range to sell down.
After the price reaches the target of wave C as above, if the price breaks the 2387.5 zone, then our trading plan must change.
In case the price drops, we have the goal of completing the big wave 5 as shown on the chart at area 2256 and area 2210.
Comment:
The price has broken out of the 2356 area, so the small wave 5 in wave C has been confirmed. We observe the price in the 2364 to 2374 area to execute a sell order.
Comment:
After executing a SELL order at the price range 2365.6 to 2374 yesterday, we now have a profit of 500 PIPS
