Hello, fellow traders! I'm taking a long position on XAUUSD, and here's my analysis based on Elliott Wave principles. As we can see on the chart, the price action has recently completed what appears to be a corrective pattern, potentially ending the fourth wave of a larger impulse sequence. After a substantial decline, I've spotted signs of exhaustion as the price begins to stabilize.
I've drawn a descending trendline connecting the highs of the previous waves, and it looks like we're about to witness a breakout. The Elliott Wave theory suggests that after the ABC correction of the fourth wave, we should expect a fifth wave to the upside. My target for this fifth wave is derived using the Fibonacci extension, which suggests a potential peak around 2443.549.
The reversal of the downtrend is also supported by an increase in bullish momentum, which we can infer from the recent candlestick formations. I'm placing my stop just below the recent lows, allowing some room for volatility but ensuring I'm out of the trade if the expected upward move does not materialize.
As always, trade with caution and ensure this setup aligns with your own risk management rules. Let's catch this wave to the top!
I've drawn a descending trendline connecting the highs of the previous waves, and it looks like we're about to witness a breakout. The Elliott Wave theory suggests that after the ABC correction of the fourth wave, we should expect a fifth wave to the upside. My target for this fifth wave is derived using the Fibonacci extension, which suggests a potential peak around 2443.549.
The reversal of the downtrend is also supported by an increase in bullish momentum, which we can infer from the recent candlestick formations. I'm placing my stop just below the recent lows, allowing some room for volatility but ensuring I'm out of the trade if the expected upward move does not materialize.
As always, trade with caution and ensure this setup aligns with your own risk management rules. Let's catch this wave to the top!
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