XAUUSD 21/10/2024 Is the rally over?
Looking at H1 we see that wave 3 is still continuing.
- The target of wave 3 we measure at the price zone 2736 - 2739 or the price zone 2800
- First we look at the price zone 2736 - 2739, this is the minimum target price zone of wave 3 ending at this zone, so when the price approaches, there is a high possibility that the price will react at this zone, so we will set a SELL target at this zone
- Next, there is an area determined by the confluence of Fibonacci, which is the 2768 zone, this is also the resistance zone that the price must overcome
- With the structure that is completing wave 3 like this, our priority target is BUY at the end of wave 4 to follow the uptrend of wave 5
- With the assumption that the target of wave 3 ends at the price zone 2736 - 2739, the target zone to end the adjusted wave 4 is the price zone 2706 - 2703 or the price zone 2693 - 2690
Trading Plan
SELL ZONE: 2736 - 2739
SL: 2746
TP1: 2717
TP2: 2706
BUY ZONE: 2706 - 2703
SL: 2700
TP1: 2718
TP2: 2725
TP3: 2738
BUY ZONE: 2693 - 2690
SL: 2683
TP1: 2706
TP2: 2718
TP3: 2738
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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.
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.