📊 Elliott Wave Outlook – XAUUSD – H1 Chart
On the H1 timeframe, after drawing the Elliott Wave channel, we can see that price is currently in wave iii (orange). Within this wave, wave 5 (green) is in progress.
Once wave 5 (green) completes, we anticipate a downward correction in the form of wave iv (orange), before price resumes the overall uptrend to complete wave v (orange).
🔍 Breakdown of Wave 5 (Green): Two Possible Scenarios
Scenario 1 – Wave 5 (Green) is NOT yet complete
Currently, price seems to be forming a minor wave 4 within wave 5 in a Flat structure. If this plays out, wave 5 could extend to one of the following target zones:
🎯 Target 1: 3373
🎯 Target 2: 3397
Scenario 2 – Wave 5 (Green) is ALREADY complete
This implies wave iii (orange) has ended, and the market is now entering wave iv (orange). This correction could unfold as a zigzag, flat, or triangle pattern, with the following potential retracement zones:
🎯 Target 1: 3317
🎯 Target 2: 3290
📉 Momentum Analysis
D1 timeframe: Momentum is showing signs of bearish reversal. Wait for today’s daily candle close to confirm the dominant downtrend for the week.
H4 timeframe: Momentum has already turned bearish ⇒ favor short setups or range-bound conditions during the day.
H1 timeframe: Momentum is currently rising ⇒ expect a short-term bounce before a potential drop. Watch for signs of bearish reversal on H1 before entering SELLs.
📌 Trading Plan
Potential SELL Zone
✅ Entry: 3373 – 3376
❌ Stop Loss: 3383
🎯 Take Profit 1: 3343
🎯 Take Profit 2: 3317
Note: Only SELL if H1 momentum flips bearish. If price breaks above 3376, look to SELL at 3397.
Potential BUY Zone
✅ Entry: 3316 – 3313
❌ Stop Loss: 3306
🎯 Take Profit 1: 3343
🎯 Take Profit 2: 3373
Note: Only BUY if H1 momentum turns bullish. If this zone fails, consider buying at 3290.
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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.