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
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.