XAUUSD 12/9/2024 will the gold price continue to decrease
Looking at H1, we see a complete Elliot structure has been completed including 5 main waves and 3 abc correction waves, I used purple to symbolize on the chart
- Following a complete structure is a new trend that coincides with the main trend with a 5-wave structure
- Currently, we predict that wave 1 in the new trend has been completed and wave 2 is being completed
- The target area of wave 2 I measured at the area of 2508 - 2505, we will use this price area as the target to BUY up according to wave 3
- At that time, we measure the target of wave 3 at least at the area of 2538 - 2541 and this price area will be our Sell target to catch the wave 4 correction down
- I still reserve a case that the current price wave 2 continues to adjust according to the abc structure that has not ended, then we will have a target BUY at 2494 - 2491
Trading Plan
BUY ZONE: 2508 - 2505
SL: 2498
TP1: 2516
TP2: 2525
TP3: 2532
BUY ZONE: 2494 - 2491
SL: 2484
TP1: 2500
TP2: 2508
TP3: 2520
SELL ZONE: 2538 - 2541
SL: 2548
TP1: 2531
TP2: 2525
TP3: 2517
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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.