omar_elliot

omar_elliot

**📌 Main idea:** This analysis is based on **Elliott Wave Theory**, as it appears that gold has completed the **Expanded Flat** correction pattern, which consists of: - **Wave A**: Initial rise - **Wave B**: Upward correction that exceeds the peak of A - **Wave C**: Strong decline that breaks the bottom of wave A #### **📉 Expected scenario:** 🔴 After the price...

omar_elliot

📚 A detailed explanation of parallel price channels and how to use them in technical analysis 📈 Parallel price channels are one of the most important technical analysis tools that help traders identify **trends, entry and exit points, and potential levels of reversal or breakout**. --- ## **🟢 First: What is a parallel price channel?** A parallel price channel...

omar_elliot

### Chart Overview: The chart illustrates price action for gold (XAU/USD) on the **hourly time frame**. Key technical features such as **Higher Highs (HH)**, **Higher Lows (HL)**, and **Lower Lows (LL)** have been marked, with price movement forming a clear channel. ### Key Elements in the Chart: 1. **Channel Formation**: - The price is moving within a...

omar_elliot

Here’s a detailed analysis of the Elliott Wave chart you provided, with color-coded explanations based on different time frames: - **Red Waves (Weekly Time Frame)**: These represent the major waves on the weekly chart. The red color is used to signify long-term movements. In the chart, wave (1) is clearly marked after completing five smaller waves, and wave (3)...