XAUUSD 19/9/2024 Downtrend is over?
Looking at H1 we see that after the FOMC news we witnessed a strong price increase creating ATH at the 2600 area. Then there was a strong decrease to the 2547 area
- So wave 5 has completed as expected my target. now we expect an ABC correction
- Looking at the chart we see a strong decline suggesting a completed wave A, this strong decline also shows us that wave A has a 5-wave structure so this correction we expect a correction according to the ABC Zigzac correction structure
- The target of wave B I expect at the 2580 - 2583 zone or the 2579 - 2600 zone this is our SELL target
- After completing the target of wave B the price continues to decrease to complete wave C I expect the target to complete wave C at the price zone of 2528 - 2525 this will be our BUY target
- We also have a strong support zone at the price zone of 2451 - 2448 this will be our BUY scalp zone
Trading plan
SELL ZONE 2580 - 2583
SL: 2590
TP1: 2570
TP2: 2562
TP3: 2551
SELL ZONE: 2597 - 2600
SL: 2607
TP1: 2590
TP2: 2579
TP3: 2562
BUY ZONE: 2551 - 2448
SL: 2561
TP1: 2562
TP2: 2570
TP3: 2579
BUY ZONE: 2528 - 2525
TP1: 2541
TP2: 2551
TP3: 2562
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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.