Gold’s been in a downtrend since late October, wrapping up Elliot Wave 5. But here’s the kicker: on the 4H chart, we’re spotting a possible inverse Elliot wave cycle. 📉
We’re nearing the end of this correction phase and gearing up for a bullish breakout! 🚀 Currently, we’re trading in a robust Daily demand zone, eyeing a reversal that could kickstart a fresh Elliot cycle. Targeting the supply zone at $2762-$2790. 📈
Plan: Enter at the end of Wave 2 to ride Wave 3 and hold until Wave 5 wraps up, with a trailing stop loss to lock in those gains. 🤑
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.