XAUUSD 14/10/2024 price and will continue to increase?
Looking at H1, we see that the price has just completed a 5-wave structure 1 2 3 4 5 as I have labeled on the chart
- Following a 5-wave structure will be a 3-wave correction structure
- Looking at the current price line, I see that the price has likely completed wave A in the ABC structure and is currently completing wave B
- The target for completing wave B is the price zone of 2654 - 2657, which could be a very good SELL target price zone
- If the price breaks through the price zone of 2661, it will confirm that our current wave-down process is not correct, and then we will have an extended wave 3 structure and the peak of wave 3 will coincide with the current wave 5. then we will have the target price zone 2670 - 2673 is the target price zone for the correction
- Regarding the target of the end of the correction wave, I measured 2 target price zones, which are the zone 2632 - 2629 and the price zone 2613 - 2610, this is the target price for the end of the correction wave
- we have an important price zone 2606, if the price breaks below this zone, it confirms that the uptrend has not started yet and the price continues the correction process, then I will have the correction targets
Intraday trading plan
SELL ZONE: 2670 - 2673
SL: 2680
TP1: 2662
TP2: 2653
TP3: 2637
BUY ZONE: 2632 - 2629
SL: 2627
TP1: 2653
TP2: 2661
TP3: 2670
BUY ZONE 2613 - 2610
SL: 2603
TP1: 2624
TP2: 2637
TP3: 2661
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.