XAUUSD 1Y Sub-Impulse Wave 5 Analysis: A Crucial Juncture
Introduction:
In our continued examination of XAUUSD's 1Y frame, we delve into the nuances of sub-impulse waves within the significant wave 5. Mirroring our approach for the overarching impulse wave analysis, we've established two critical channels:
Sub-Impulse Wave Analysis:
Aligning with the broader impulse wave, wave 5 has touched the 50% Fibonacci level and has exceeded the terminus of wave 3, satisfying EWT's minimum requirements. However, the journey is far from over:
Personal Projection:
Based on the DXY analysis, I anticipate:
Then a subsequent fall to the 1955.07-1948.05 support zone is expected. Should prices breach this level, a deeper correction will likely ensue.
Future Correction Wave Outlook:
Post-wave 5, a WXY correction wave is anticipated:
Emotion-free Analysis:
While many speculate a surge to $3000 for gold, our objective analysis, devoid of emotional bias, suggests a different trajectory. However, this outlook is subject to reevaluation post-DXY's movement to the 93-89 area.
Concluding Remarks:
This analysis is a testament to strategy devoid of emotion, focusing purely on technical patterns and correlations, particularly with the DXY's movements. As we approach the critical juncture of the 93-89 DXY area, a re-evaluation will be paramount to either affirm this trajectory or adjust to new market realities. Stay vigilant.
Disclaimer:
Please note that this is not trading advice. It is crucial to conduct your own analysis and consult with a financial advisor to verify this information before making any trading decisions.
In our continued examination of XAUUSD's 1Y frame, we delve into the nuances of sub-impulse waves within the significant wave 5. Mirroring our approach for the overarching impulse wave analysis, we've established two critical channels:
- Support Channel: Links the start of wave 1 and the end of wave 2, with a parallel line from the end of wave 1. This channel is pivotal in spotting strong support areas.
- Wave 5 Target Channel: Connects the end of wave 2 with wave 4, extended with a parallel line from the end of wave 3. A breach below this channel's lower boundary could signal an impending deep correction.
Sub-Impulse Wave Analysis:
Aligning with the broader impulse wave, wave 5 has touched the 50% Fibonacci level and has exceeded the terminus of wave 3, satisfying EWT's minimum requirements. However, the journey is far from over:
- Recent Price Dynamics: Since the onset of 2024, despite a downward trend, Heikin Ashi Candles continue to mark the current candle as green. The price is at a pivotal mid-point, offering no clear directional bias yet.
- Pivotal Areas Identified:
- Resistance Zone (2069.42-2075.14): A breakthrough and closure above this range on a weekly candle , or a substantial daily candle could propel the price towards the 61.8% Fibonacci level (2225-2250).
- Support Zone (1955.07-1948.05): A breakthrough and closure below this range on monthly candle, or strong weekly candle, would suggest the completion of the big impulse wave 5 and the onset of a deep correction.
Personal Projection:
Based on the DXY analysis, I anticipate:
- A break above the resistance zone within the next two weeks, pushing the price to 2158-2170.
- A subsequent retracement to the resistance zone.
- Finally, a climb to the 61.8% Fibonacci level (2225-2250).
Then a subsequent fall to the 1955.07-1948.05 support zone is expected. Should prices breach this level, a deeper correction will likely ensue.
Future Correction Wave Outlook:
Post-wave 5, a WXY correction wave is anticipated:
- Wave W: Targeting the mid-region of the sub-impulse wave's support channel (1750-1650).
- Wave X: Revisiting the previous support zone (1955.07-1948.05).
- Wave Y: Descending towards the main impulse wave's support channel (1400-1300).
Emotion-free Analysis:
While many speculate a surge to $3000 for gold, our objective analysis, devoid of emotional bias, suggests a different trajectory. However, this outlook is subject to reevaluation post-DXY's movement to the 93-89 area.
Concluding Remarks:
This analysis is a testament to strategy devoid of emotion, focusing purely on technical patterns and correlations, particularly with the DXY's movements. As we approach the critical juncture of the 93-89 DXY area, a re-evaluation will be paramount to either affirm this trajectory or adjust to new market realities. Stay vigilant.
Disclaimer:
Please note that this is not trading advice. It is crucial to conduct your own analysis and consult with a financial advisor to verify this information before making any trading decisions.
