XAUUSD 15/8/2024 Has the uptrend started?
Yesterday's CPI news showed a sharp increase in price when it was announced and then a sharp decrease. This is a move to shake off the sellers so that the price can complete wave C.
- The sharp decrease in wave C is still, in my opinion, the final shakeout before the price starts to increase to complete wave 5
I predict that this week the price will likely create a new ATH followed by a further correction.
- The wave 4 target I set yesterday has been completed at the price range of 2442 to 2445. With a Buy order at this price range, we have a profit of 100 pips. You can close a part of it and raise the SL to Entry. I have a backup target at 2430 - 2427 we will look at this target if price breaks out 2439
- I see a big supply zone at 2468 - 2471 so I will set a Sell scalp target at this zone
- Our main Sell target is the end of wave 5 now I am targeting the first wave 5 target which is 2500.
Trading Plan
BUY ZONE: 2430 -2427
SL: 2420
TP1: 2439
TP2: 2458
TP3: 2476
SELL ZONE: 2468 - 2471
SL: 2478
TP1: 2458
TP2: 2452
TP3: 2444
SELL ZONE: 2497 - 2500
SL: 2597
TP1: 2484
TP2: 2476
TP3: 2458
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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.