Finish Wave 4 correction phase
Overview:
Currently, the price of GOLD (XAU/USD) is at the end of the Wave 4 correction phase in the Elliott Wave wave structure. By using Fibonacci Retracement to identify important levels, we will wait for the continuation of the price movement which can take us to Wave 5. In this analysis, we will explore key levels for potential entry, as well as targets for the next price movement.
Trading Advice:
Entry Point: Wait for price to show a reversal after reaching a significant Fibonacci retracement level (50.0% or 61.8%). Watch for confirmation of reversal candlestick patterns such as Pin Bar or Engulfing Pattern around these levels.
Stop Loss: Place Stop Loss below the 78.6% Fibonacci retracement level to avoid bigger losses if the price moves lower.
Take Profit: The first target for Wave 5 is around 2538, based on the last support.
Currently, the price of GOLD (XAU/USD) is at the end of the Wave 4 correction phase in the Elliott Wave wave structure. By using Fibonacci Retracement to identify important levels, we will wait for the continuation of the price movement which can take us to Wave 5. In this analysis, we will explore key levels for potential entry, as well as targets for the next price movement.
Trading Advice:
Entry Point: Wait for price to show a reversal after reaching a significant Fibonacci retracement level (50.0% or 61.8%). Watch for confirmation of reversal candlestick patterns such as Pin Bar or Engulfing Pattern around these levels.
Stop Loss: Place Stop Loss below the 78.6% Fibonacci retracement level to avoid bigger losses if the price moves lower.
Take Profit: The first target for Wave 5 is around 2538, based on the last support.
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