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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