The current price action on XAUUSD suggests that the retracement phase may still be ongoing. Based on Elliott Wave theory, the structure appears to be forming a Zigzag (ZZ) Corrective Wave, a common corrective pattern in the market. Here's a detailed breakdown of the analysis:
Wave A and Wave B:
Wave A has completed, and Wave B appears to have retraced within the expected range, respecting Fibonacci retracement levels.
Wave C Projection:
If this structure is indeed a Zigzag (ZZ), Wave C could extend to 100% of Wave A, which places the target at 2675.
This target aligns closely with the 61.8% Fibonacci retracement level of the prior swing low, a significant confluence zone often observed in corrective waves.
Key Levels to Watch:
Resistance at the 2675 level, which also aligns with the 100% extension of Wave A.
Support levels around the 38.2% and 23.6% retracements, which could act as interim pullback zones.
Market Implications:
If the price reaches the 2675 level, it could signal the completion of the corrective pattern, paving the way for the next impulsive move.
However, if the price fails to reach this target, it may indicate an alternative wave count or a shallower correction.
Strategy Considerations:
Monitor price action near the 2675 level for potential reversal signals.
Use Fibonacci retracements and extensions to refine entry and exit points.
Always manage risk with appropriate stop-loss levels and position sizing.
This is a great opportunity to see Elliott Wave theory in action. Let’s observe how the price unfolds and whether it adheres to the projected pattern. As always, trade cautiously and stay disciplined!
#XAUUSD #ElliottWave #ZigzagWave #TradingView #FibonacciAnalysis
Wave A and Wave B:
Wave A has completed, and Wave B appears to have retraced within the expected range, respecting Fibonacci retracement levels.
Wave C Projection:
If this structure is indeed a Zigzag (ZZ), Wave C could extend to 100% of Wave A, which places the target at 2675.
This target aligns closely with the 61.8% Fibonacci retracement level of the prior swing low, a significant confluence zone often observed in corrective waves.
Key Levels to Watch:
Resistance at the 2675 level, which also aligns with the 100% extension of Wave A.
Support levels around the 38.2% and 23.6% retracements, which could act as interim pullback zones.
Market Implications:
If the price reaches the 2675 level, it could signal the completion of the corrective pattern, paving the way for the next impulsive move.
However, if the price fails to reach this target, it may indicate an alternative wave count or a shallower correction.
Strategy Considerations:
Monitor price action near the 2675 level for potential reversal signals.
Use Fibonacci retracements and extensions to refine entry and exit points.
Always manage risk with appropriate stop-loss levels and position sizing.
This is a great opportunity to see Elliott Wave theory in action. Let’s observe how the price unfolds and whether it adheres to the projected pattern. As always, trade cautiously and stay disciplined!
#XAUUSD #ElliottWave #ZigzagWave #TradingView #FibonacciAnalysis
Trade closed: target reached
Tanakorn Koomrampai ,CMT, CFTe
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
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.
Tanakorn Koomrampai ,CMT, CFTe
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
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.