XAUUSD 26/8/2024 Will the uptrend continue?
Last week we saw a special increase on Friday.
- This increase confirmed the completion of the ABC correction wave and the price continued to increase.
- Looking at the current uptrend, we see a structure of short candles with weak momentum. So this could be a big wave 1 in the uptrend structure. Looking at the bullish wave structure, we see that there are 5 black waves
- Currently, I am leaning towards the black ABC correction structure
- Looking at the chart, we see that the black wave A has been completed and the price is currently completing the black wave B
- The target for completing the black wave C is I predict at the price range of 2500 - 2497 or the price range of 2489 - 2486, this will be my BUY target
- Above, we see that there is still a very strong supply zone at the price range of 2531 - 2534, this is the old peak, so if the price wants to surpass the old peak, it needs to absorb all of this supply. So I will set the SELL target down here
Trading plan:
SELL ZONE: 2531 - 2534
SL: 2541
TP1: 2519
TP2: 2509
TP3: 2500
BUY ZONE: 2500 - 2407
SL: 2400
TP1: 2509
TP2: 2519
TP3: 2530
BUY ZONE: 2489 - 2486
SL: 2479
TP1: 2499
TP2: 2509
Tp3: 2530
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