XAUUSD June 24, 2024 Will the downward wave continue?
Updated
Prices are recovering after a sharp drop on Friday.
- According to the Elliot wave principle, a sharp wave moving quickly is wave 3 in a series of 5 waves.
- So it is possible that the current increase is a correction in wave 4, so we will continue to have wave 5 continuing to decrease after wave 4 correction is completed.
- The nearest resistance zone is the 2330 zone. We will monitor this zone and it may be the target of wave 4.
- The target zone for wave 5 from the current forecasts is estimated at 2309. After reaching this zone, we will have the completion of the orange wave 1 in the larger wave.
- Then the price recovered to complete the 2 orange correction wave. We predict wave 2 target at 2343.59
Trading plan
- The main trend is downtrend, so for long-term transactions we prioritize sell orders. The best price zone to enter an order is the price zone that completes the orange wave 2, which is the 2343.59 zone. When the price reaches this zone, look for a confirmation reversal signal to enter the order.
- With SCalping trades, we wait for the price to react at the support and resistance zones to enter orders. Note that Scalping trading is a short wave trade, so the TP is usually from 30 pips to 100 pips, so you should focus on managing the trade. Translation to limit risks
- According to the Elliot wave principle, a sharp wave moving quickly is wave 3 in a series of 5 waves.
- So it is possible that the current increase is a correction in wave 4, so we will continue to have wave 5 continuing to decrease after wave 4 correction is completed.
- The nearest resistance zone is the 2330 zone. We will monitor this zone and it may be the target of wave 4.
- The target zone for wave 5 from the current forecasts is estimated at 2309. After reaching this zone, we will have the completion of the orange wave 1 in the larger wave.
- Then the price recovered to complete the 2 orange correction wave. We predict wave 2 target at 2343.59
Trading plan
- The main trend is downtrend, so for long-term transactions we prioritize sell orders. The best price zone to enter an order is the price zone that completes the orange wave 2, which is the 2343.59 zone. When the price reaches this zone, look for a confirmation reversal signal to enter the order.
- With SCalping trades, we wait for the price to react at the support and resistance zones to enter orders. Note that Scalping trading is a short wave trade, so the TP is usually from 30 pips to 100 pips, so you should focus on managing the trade. Translation to limit risks
Note
The price fell after touching the target zone of wave 4 in blackNote
XAUUSD June 25, 2024 Is the rally over?Yesterday the price touched the wave 4 target zone that we predict is the 2329 zone.
- Currently, the price is reacting at the 2334 area. Looking at the current H1 candlestick model, we see withdrawal candles appearing in this area, proving that there is very strong selling force blocking the price increase in this area.
- The ending target of this correction is around the 2334 zone. It is important that we wait for a reversal confirmation signal in this zone to be able to set up a Sell trade.
- Note that currently on the H1 frame, I am seeing a momentum signal entering the oversold area. This indicates a high possibility that a small price increase will occur. This is a very good opportunity to confirm a reversal. We need to pay attention. close
+ If this increase does not break through 2334.2, then we will have a reversal signal at the 2334.2 price range. So the entry point is when the price breaks to the previous bottom.
+ If the price breaks through 2334.2, then we will continue to observe that the price may approach the 2340 to 2342 range. Then we wait for a reversal confirmation to find a point to enter a sell order.
The market is always fluctuating and nothing is certain, so Deekop wants his analysis to help you strengthen your trading strategy. I will update more when there are fluctuations in the market. Thank you everyone for following
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