NFP FRIDAY 5 DEC XAUUSD INTRADAY/SWING ANALYSIS

Elliott Wave Analysis
1. Wave Structure:

Wave (1): Impulse or Leading Diagonal, showcasing a strong upward trend.
Wave (2): A corrective wave, likely following a simple zigzag correction (ABC structure).
Wave (3): Only Impulse, which is a strong move upward, as per Elliott Wave principles, the most extended wave.
Wave (4): Suggests another corrective structure (potential zigzag or flat correction).
Wave (5): Expected continuation, either:
Impulse (continuation of the trend).
Ending Diagonal (weaker trend or exhaustion).


2. Corrections Highlighted:

ABC correction patterns are indicated.
Wave (B) could lead to a further downward Wave (C) correction before a strong upward continuation.

Key Levels:


1. Demand Zones:
Positioned at lower levels for potential reversals. If the price tests these areas, it may provide buy opportunities.
2. Supply Zones:
Marked as resistance areas where the price may reverse or consolidate.

Two Possible Scenarios:

1. Bullish Continuation:

Continuation of a 5-wave impulse move.
Break above supply zones to confirm this scenario.


2. Bearish Correction:

Completion of an ABC corrective structure.
Look for further downside, testing demand zones.


Trade Plan:
1.Buy: Upon confirmation of Wave (4) completion at demand zones.
Entry: Close to the lower demand area.
Target: Midpoint of Wave (5) projection or supply zones.
Stop Loss: Below the demand zone.


2.Sell: If a deeper correction (Wave C) forms before Wave (5).
Entry: After confirmation of resistance at supply zones.
Target: Next demand zone.