XAUUSD (1H)
I'm currently observing a distribution phase in XAUUSD, where a trading schematic appears to be unfolding based on available data. We have completed phases A (BC, AR, ST).
Phase B formed a significant area of supply (SOW) within wave 4 of the internal cycle, supported by clean price action, thereby adding confluence to harmonic patterns.
Phase C (LPS) tested the UT zone from Phase B (resistance or demand) and elicited a reaction, suggesting readiness for a corrective downward movement in gold prices. I anticipate a markdown for leg 3.
From a cyclical perspective, we've seen a reaction near the monthly standard deviation of wave 5 leg, indicating a potential reversal. Concurrently, the standard deviation was impacted by UT during Phase B of the distribution schematic, reinforcing the harmonic pattern.
I've set a validation point with a hard stop loss at risk-off LPs in Phase D.
Target-wise, I'm aiming to exploit liquidity on the sell side EQL, directly linked with leg 4 of the internal cycle, presenting a straightforward risk-off opportunity
Phase B formed a significant area of supply (SOW) within wave 4 of the internal cycle, supported by clean price action, thereby adding confluence to harmonic patterns.
Phase C (LPS) tested the UT zone from Phase B (resistance or demand) and elicited a reaction, suggesting readiness for a corrective downward movement in gold prices. I anticipate a markdown for leg 3.
From a cyclical perspective, we've seen a reaction near the monthly standard deviation of wave 5 leg, indicating a potential reversal. Concurrently, the standard deviation was impacted by UT during Phase B of the distribution schematic, reinforcing the harmonic pattern.
I've set a validation point with a hard stop loss at risk-off LPs in Phase D.
Target-wise, I'm aiming to exploit liquidity on the sell side EQL, directly linked with leg 4 of the internal cycle, presenting a straightforward risk-off opportunity
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.
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.