XAUUSD 9/9/2024 Is the Downtrend Over?
Looking at H1 we see a 5-wave structure has ended and then the price has decreased to the 2491 area.
- Looking at the current price structure, we expect the price to create a new bullish structure larger than the current structure, which I denote as the orange structure
- So with the 5-wave orange structure, we expect wave 1 to be completed
- And now wave 2 I measure the target at the price zone of 2481 - 2479, this will be the target for us to BUY
- I still do not rule out that the adjustment process is not yet complete because the adjustment process is only confirmed when the price surpasses 2532, so I still calculate the possibility that the price is still adjusting
- At that time, the target price zone ends the adjustment at the price zone of 2435 - 2432, this will be our BUY target when the price breaks through 2471
Regarding the SELL zone, I see that there is a very large supply at the price zone of 2511 - 2514 This zone is determined by the Volume profile tool when the price touches this zone, there must be a supply absorption phase before it can continue to increase, so this will be our SELL target
Trading plan
BUY ZONE: 2477 - 2474
SL: 2467
TP1: 2487
TP2: 2497
TP3: 2510
BUY ZONE: 2435 - 2432
SL: 2425
TP1: 2453
TP2: 2471
TP3: 2410
SELL ZONE: 2511 - 2514
SL: 2521
TP1: 2499
TP2: 2487
TP3: 2477
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