XAUUSD Weekly TF Elliot Wave analysis and potential setup
Updated
Hello fellow traders,
I'd like to share an Elliott wave analysis I've conducted on the weekly timeframe, focusing on a potential trading opportunity with a target of 2190. Currently, we find ourselves at the completion of Wave 4, which is projected to be within the range of 1986-1980. Let's break down the analysis further:
Wave 1: We observed a bullish move from 1810 to 2009, indicating the initial upward momentum.
Wave 2: Following Wave 1, there was a corrective wave down to 1931, suggesting a temporary retracement in the trend.
Wave 3: The bullish trend resumed with Wave 3, pushing the price from 1931 to 2148, demonstrating strong upward momentum.
Wave 4: Presently, we are in the completion phase of Wave 4, anticipated to be within the range of 1986-1980. It's crucial to exercise patience and wait for the setup to fully materialize before considering entry points.
Wave 5: Looking ahead, once Wave 4 concludes, we anticipate a continuation of the bullish trend with Wave 5, projected to move from 1986-1980 to our target level of 2190.
Additionally, I've calculated the target using the Fibonacci retracement tool, specifically incorporating the levels of Wave 1 and Wave 3, which aligns with the 61.8% Fibonacci retracement level.
As always, it's essential to combine technical analysis with risk management strategies to navigate the forex market successfully. Keep a close eye on price action and market developments to validate the forecasted Elliott wave pattern.
Happy trading!
Note
Hello fellow traders, this is an important week, without much fundamental data this week, i think it will respect our idea. Happy tradingTrade active
Hello fellow traders, great last week and an excellent monthly and weekly close, Gold followed our exact idea and now we are in the 5th elliot wave. Happy trading
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