XAUUSD - Elliott Wave & Liquidity Analysis
The chart is based on the 30-minute timeframe, so short-mid term.
Market Bias:
Bearish correction underway after an extended 5th wave up. The correction could unfold in an ABC pattern, with Fibonacci confluences lining up at 2870, 2847, and 2809. Once we clear PDL and close below it, we will have confirmation and a shift in market structure.
From there, our potential targets for the corrective move are:
Target 1: 2864
Target 2: 2854
Target 3: 2837
Target 4: 2829
Target 5 (1.618 Extension): 2809
Expect bearish continuation as long as price holds below 2914 area.
Manage risk carefully, as corrective waves can be choppy.
Trade safe!
Market Bias:
Bearish correction underway after an extended 5th wave up. The correction could unfold in an ABC pattern, with Fibonacci confluences lining up at 2870, 2847, and 2809. Once we clear PDL and close below it, we will have confirmation and a shift in market structure.
From there, our potential targets for the corrective move are:
Target 1: 2864
Target 2: 2854
Target 3: 2837
Target 4: 2829
Target 5 (1.618 Extension): 2809
Expect bearish continuation as long as price holds below 2914 area.
Manage risk carefully, as corrective waves can be choppy.
Trade safe!
Trade closed: target reached
0.618 Fibo reached 1st target!!Note
Key Levels to Watch:
If price holds above C → Look for bullish confirmation.
If price breaks below C → Expect further correction down.
If price remains choppy → It’s likely ranging before a bigger move.
Would you be looking for a bullish entry, or do you think we need more confirmation?
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.
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.