XAUUSD 18/10/2024 Is the uptrend over?
Looking at H1 with the price making a new ATH yesterday this confirms to us that the corrective wave 4 has ended and the price is currently in red wave 5
- Looking at the smaller wave level we are seeing that in red wave 5 the structure of wave 1 and wave 2 is being formed and the price breaking through the top of wave 1 proves that the price has confirmed that the corrective wave 2 has ended and it is currently wave 3
- In wave 3 the uptrend is the main trend for us to place orders
- The price zones that return based on Volumeprofile I have identified 3 price zones in which the price zone 2696 - 2693 and the price zone 2669 - 2666 are the important price zones we pay attention to
- For the Sell zone we expect the first target of wave 3 at the price zone 2736 - 2739 which is the sell target price zone
Trading plan
BUY ZONE: 2696 - 2693
SL: 2688
TP1: 2709
TP2: 2737
BUY ZONE: 2669 - 2666
SL: 2664
TP1: 2685
TP2: 2695
TP3: 2717
BUY ZONE: 2657 - 2654
SL: 2647
TP1: 2668
TP2: 2685
TP3: 2694
SELL ZONE: 2736 - 2739
SL: 2746
TP1: 2717
TP2: 2697
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.