I'm setting up a long trade on XAUUSD based on a 15-minute chart using Elliott Wave analysis. The chart indicates wave (4) of the impulsive sequence has completed, and I'm anticipating the next upward move to wave (5). My entry point is around the current price of 2,449.740.
I'm targeting the following levels for wave (5):
1. First target: 2,461.218 at the 0.618 Fibonacci extension.
2. Second target: 2,480.345 at the 1 Fibonacci extension.
3. Final target: 2,511.288 at the 1.618 Fibonacci extension.
I'll place my stop loss slightly below the recent low of wave (4) to manage risk. As the price approaches each target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated upward movement completing the Elliott Wave sequence.
I'm targeting the following levels for wave (5):
1. First target: 2,461.218 at the 0.618 Fibonacci extension.
2. Second target: 2,480.345 at the 1 Fibonacci extension.
3. Final target: 2,511.288 at the 1.618 Fibonacci extension.
I'll place my stop loss slightly below the recent low of wave (4) to manage risk. As the price approaches each target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated upward movement completing the Elliott Wave sequence.
Trade closed: target reached
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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.