XAUUSD 4/9/2024 complex correction has ended?
Looking at H1, the complex correction process will create very difficult conditions for determining the specific structure of the wave. In such a situation, we will rely on the Fibonacci measure to determine the target price zones for the end of the entire correction process based on the previous up wave.
- With such an approach, I will determine the target price levels for this correction downtrend.
- Looking at the chart, we have a temporary 5-wave structure formed. We will rely on this combined with Fibonacci to set up trading zones
- Case 1 if wave 5 has ended, then we expect the price zone 2482 - 2479 to BUY
Case 2 if the price breaks below 2473, then the price zone ending wave 5 will be the price zone 2464 - 2467
- Above the strong supply zone 2510 - 2507 has not been broken yet, so this is still our target to SELL
- Next is the zone 2515 - 2518, this is the strong supply zone above that we choose to place a SELL order/
Trading plan
BUY ZONE: 2482 - 2479
SL: 2472
TP1: 2492
TP2: 2582
TP3: 2499
BUY ZONE: 2464 - 2467 SL: 2454 TP1: 2478 TP2: 2492 TP3: 2499 SELL ZONE: 2510 - 2507 SL: 2520 TP1: 2510 TP2: 2491 TP3: 2482 SELL ZONE: 2515 - 2518 SL: 2525 TP1: 2510 TP2: 2491 TP 3: 2482
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