UPDATE: XAUUSD Weekly TF Elliot Wave analysis and potential setu
Updated
Hello fellow traders,
I'd like to share an uodate on the Elliott wave analysis I've conducted on the weekly timeframe, initially shared at wave 3 - updated at wave 4 and now between wave 5.
Additionally, I've calculated the target using the Fibonacci retracement tool, specifically incorporating the levels of Wave 1 and Wave 3, which aligns with the 61.8% Fibonacci retracement level:
Wave 1: We observed a bullish move from 1810 to 2009, indicating the initial upward momentum.
Wave 2: Following Wave 1, there was a corrective wave down to 1931, suggesting a temporary retracement in the trend.
Wave 3: The bullish trend resumed with Wave 3, pushing the price from 1931 to 2148, demonstrating strong upward momentum.
Wave 4: Presently, we are in the completion phase of Wave 4, anticipated to be within the range of 1986-1980. It's crucial to exercise patience and wait for the setup to fully materialize before considering entry points.
Wave 5: We are on our way to the target with gold creating New ATH today and consolidation over 1244-
As always, it's essential to combine technical analysis with risk management strategies to navigate the forex market successfully. Keep a close eye on price action and market developments to validate the forecasted Elliott wave pattern.
Happy trading!
I'd like to share an uodate on the Elliott wave analysis I've conducted on the weekly timeframe, initially shared at wave 3 - updated at wave 4 and now between wave 5.
Additionally, I've calculated the target using the Fibonacci retracement tool, specifically incorporating the levels of Wave 1 and Wave 3, which aligns with the 61.8% Fibonacci retracement level:
Wave 1: We observed a bullish move from 1810 to 2009, indicating the initial upward momentum.
Wave 2: Following Wave 1, there was a corrective wave down to 1931, suggesting a temporary retracement in the trend.
Wave 3: The bullish trend resumed with Wave 3, pushing the price from 1931 to 2148, demonstrating strong upward momentum.
Wave 4: Presently, we are in the completion phase of Wave 4, anticipated to be within the range of 1986-1980. It's crucial to exercise patience and wait for the setup to fully materialize before considering entry points.
Wave 5: We are on our way to the target with gold creating New ATH today and consolidation over 1244-
As always, it's essential to combine technical analysis with risk management strategies to navigate the forex market successfully. Keep a close eye on price action and market developments to validate the forecasted Elliott wave pattern.
Happy trading!
Trade active
80% target done. On its way to 100%. Fingers crossedTrade closed: target reached
DONE AND DUSTED
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