Hey traders! I’m spotting a compelling short opportunity on XAUUSD on the 3-hour chart that I wanted to share with you. After completing wave (5) in a clear uptrend, the market is now showing signs of a correction. Currently, the price has started forming wave (a), and I’m expecting a retracement toward the 0.618 and 0.510 Fibonacci levels around 2508-2501. Once this pullback occurs, I’m anticipating a stronger downside move, targeting the wave (c) extensions near 2441 and possibly down to the 2403 level.
This setup is shaping up as a classic corrective wave pattern, providing a potential to capitalize on the next leg down. I’m closely monitoring the market’s reaction at these key Fibonacci levels to confirm the entry. If everything aligns, this could be a great trade to catch a significant portion of the correction. Stay tuned and let’s see how this plays out!
This setup is shaping up as a classic corrective wave pattern, providing a potential to capitalize on the next leg down. I’m closely monitoring the market’s reaction at these key Fibonacci levels to confirm the entry. If everything aligns, this could be a great trade to catch a significant portion of the correction. Stay tuned and let’s see how this plays out!
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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.