XAUUSD 11/9/2024 Is the uptrend over?
Looking at H1 we see that we are currently expecting a purple abc wave structure to complete
- With the target of wave C I identified at the 2525 - 2528 area, this is also our sell target price area
- After the end of the abc correction wave I expect a 5-wave pattern in a downtrend to complete the larger orange correction wave 2.
- At that time, I measured the end target of wave 2 orange at the price zone 2477 - 2474, which is also our BUY target
- There is another case where wave 2 orange has completed at the price zone 2484, when the current trend will be a 5-wave uptrend structure and currently wave 1 in the new trend has a target of 2525 - 2528, then we will wait for the downtrend correction wave 2 to complete at the target of 2501 - 2498 and this is also our BUY target
- I have listed all the possible plans for the current situation and now is today's trading plan
SELL ZONE: 2525 - 2528
SL: 2535
TP1: 2520
TP2: 2508
TP3: 2500
BUY ZONE: 2501 - 2498
SL: 2491
TP1: 2508
TP2: 2520
TP3: 2529
BUY ZONE: 2477- 2474
SL: 2467
TP1: 2487
TP2: 2494
TP3: 2500
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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.