📊 Wave Structure – XAUUSD – H1 Timeframe
Price is likely in a corrective phase — wave iv (orange) — after completing five internal green waves within wave iii.
During this correction, we’ve seen an abc zigzag form, followed by an unclear upward bounce. This gives rise to two key scenarios:
🔸 Scenario 1: Wave iv is complete
The abc pattern is finished, and price appears to be forming an initial triangle structure. We could currently be in wave 2.
👉 A breakout and H1 candle close above 3343 would confirm the start of a new uptrend. In this case, prefer buying on dips.
🔸 Scenario 2: Zigzag correction is still ongoing
Wave X seems complete, and price may now be developing wave Y — either as another abc or triangle.
👉 This scenario gets confirmed if price breaks below the wave c (green) low at 3324.
🎯 Wave Y downside targets (based on Fibonacci + Volume Profile):
• Target 1: 3317
• Target 2: 3290
🔍 Momentum Analysis
D1 Momentum has already confirmed bearish → Downside pressure likely to persist through the week.
H4 Momentum is currently rising → Price could see a short-term rally or sideways action today.
H1 Momentum is nearing oversold → We wait for it to flip to overbought. If price fails to break 3349, there may be room for a scalp sell.
However, if 3349 is broken, wave X could extend further — or it might mark the start of a new bullish leg. We’ll reassess accordingly.
📌 Trade Plan
Buy Zone: 3317 – 3314
Stop Loss: 3307
Take Profit 1: 3334
Take Profit 2: 3373
✅ Only execute if H1 momentum shifts bullish.
❗ If this zone breaks, next buy opportunity lies around 3290.
Trade active
📌 Intraday Trade Plan UpdateAfter hitting our entry point, price initially bounced 125 pips, then continued to drop and broke below the 3317 level.
This confirms that Scenario 2 is playing out — the market is unfolding an ABC corrective structure.
Price has already reached the first target of wave C. Based on this, the next target lies at the 1.618 extension of wave A, around 3282.
Combining this with the high-liquidity zone from the Volume Profile, we identify a strong buy zone between 3281 – 3279.
🎯 Trade Setup
BUY ZONE: 3281 – 3279
Stop Loss: 3271
TP1: 3317
TP2: 3343
TP3: 3373
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👉 Join the channel to receive more scalping signals!
Channel Telegram: t.me/+XkFQ95yHVOEwNDc1
Channel Telegram: t.me/+XkFQ95yHVOEwNDc1
Related publications
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.