📊 Elliott Wave Analysis – XAUUSD – H1 Timeframe
On the H1 chart, drawing an Elliott channel reveals that price is currently within wave iii (orange), and developing wave 5 (green) within that structure.
Once wave 5 (green) completes, the market is expected to correct downwards into wave iv (orange) before resuming the uptrend to complete wave v (orange).
🔍 Detailed Breakdown of Wave 5 (Green): Two Scenarios in Play
Scenario 1 – Wave 5 (green) is NOT yet complete
Price is currently forming a small wave 4 (Flat) within wave 5 (green). A final push upward is expected to complete wave 5, with two potential targets:
🎯 Target 1: 3373
🎯 Target 2: 3397
Scenario 2 – Wave 5 (green) is already complete
This would confirm that wave iii (orange) has ended, and the market is entering wave iv (orange) — likely to take the form of a zigzag, flat, or triangle pattern.
🎯 Target zone 1: 3317
🎯 Target zone 2: 3290
📉 Momentum Analysis
• D1: Momentum is turning bearish. Await today's daily candle close for confirmation of a broader weekly downtrend.
• H4: Momentum has already reversed to the downside ⇒ expect sideways or bearish moves during the day.
• H1: Momentum is currently rising ⇒ a short-term bounce is possible. Watch for bearish reversal signals on H1 to validate SELL setups.
📌 Trade Plan
🔽 Potential SELL Setup
✅ Sell Zone: 3373 – 3376
❌ Stop Loss: 3383
🎯 TP1: 3343
🎯 TP2: 3317
🔸 Note: Only sell if H1 momentum confirms a bearish reversal. If price breaks above 3376, wait for a higher entry at 3397.
🔼 Potential BUY Setup
✅ Buy Zone: 3316 – 3313
❌ Stop Loss: 3306
🎯 TP1: 3343
🎯 TP2: 3373
🔸 Note: Only buy if H1 momentum flips bullish. If this zone breaks, wait to buy lower at 3290.
On the H1 chart, drawing an Elliott channel reveals that price is currently within wave iii (orange), and developing wave 5 (green) within that structure.
Once wave 5 (green) completes, the market is expected to correct downwards into wave iv (orange) before resuming the uptrend to complete wave v (orange).
🔍 Detailed Breakdown of Wave 5 (Green): Two Scenarios in Play
Scenario 1 – Wave 5 (green) is NOT yet complete
Price is currently forming a small wave 4 (Flat) within wave 5 (green). A final push upward is expected to complete wave 5, with two potential targets:
🎯 Target 1: 3373
🎯 Target 2: 3397
Scenario 2 – Wave 5 (green) is already complete
This would confirm that wave iii (orange) has ended, and the market is entering wave iv (orange) — likely to take the form of a zigzag, flat, or triangle pattern.
🎯 Target zone 1: 3317
🎯 Target zone 2: 3290
📉 Momentum Analysis
• D1: Momentum is turning bearish. Await today's daily candle close for confirmation of a broader weekly downtrend.
• H4: Momentum has already reversed to the downside ⇒ expect sideways or bearish moves during the day.
• H1: Momentum is currently rising ⇒ a short-term bounce is possible. Watch for bearish reversal signals on H1 to validate SELL setups.
📌 Trade Plan
🔽 Potential SELL Setup
✅ Sell Zone: 3373 – 3376
❌ Stop Loss: 3383
🎯 TP1: 3343
🎯 TP2: 3317
🔸 Note: Only sell if H1 momentum confirms a bearish reversal. If price breaks above 3376, wait for a higher entry at 3397.
🔼 Potential BUY Setup
✅ Buy Zone: 3316 – 3313
❌ Stop Loss: 3306
🎯 TP1: 3343
🎯 TP2: 3373
🔸 Note: Only buy if H1 momentum flips bullish. If this zone breaks, wait to buy lower at 3290.
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Disclaimer
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👉 Join the channel to receive more scalping signals!
Channel Telegram: t.me/+XkFQ95yHVOEwNDc1
Channel Telegram: t.me/+XkFQ95yHVOEwNDc1
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.