XAUUSD 8/2/2024
End of Wave 5:
Divergence Check: Verify Wave 5's completion with RSI or MACD divergence (price making new highs but indicators not). Look for reversal candlestick patterns like shooting stars or bearish engulfing at the highs.
Adding to Position:
Corrective Wave: Prepare for a potential corrective wave (ABC pattern or ending diagonal). Use tight stop-losses due to the increased risk of volatility.
Technical Considerations:
Volume Analysis:
Volume Trends: Decreasing volume towards Wave 5's end suggests weakening momentum. Watch for volume spikes for potential trend changes.
Price Patterns:
Reversal Patterns: Monitor for broader reversal signals (double tops, head and shoulders) for confirmation of trend exhaustion.
Risk Management:
Stop-Loss:
Placement: Set stop-loss below significant support levels, such as the low of Wave 2, to protect against adverse moves.
Take-Profit:
Targets: Set take-profit levels at key resistance or expected end of the corrective wave. Adjust targets based on market behavior.
Position Sizing:
Risk Assessment: Align position size with your risk tolerance to prevent overexposure.
Final Thoughts:
Validate Wave Count: Ensure your wave count aligns with Elliott Wave Theory and broader market structure.
Monitor Conditions: Stay updated on economic and geopolitical events that could impact Gold prices.
Divergence Check: Verify Wave 5's completion with RSI or MACD divergence (price making new highs but indicators not). Look for reversal candlestick patterns like shooting stars or bearish engulfing at the highs.
Adding to Position:
Corrective Wave: Prepare for a potential corrective wave (ABC pattern or ending diagonal). Use tight stop-losses due to the increased risk of volatility.
Technical Considerations:
Volume Analysis:
Volume Trends: Decreasing volume towards Wave 5's end suggests weakening momentum. Watch for volume spikes for potential trend changes.
Price Patterns:
Reversal Patterns: Monitor for broader reversal signals (double tops, head and shoulders) for confirmation of trend exhaustion.
Risk Management:
Stop-Loss:
Placement: Set stop-loss below significant support levels, such as the low of Wave 2, to protect against adverse moves.
Take-Profit:
Targets: Set take-profit levels at key resistance or expected end of the corrective wave. Adjust targets based on market behavior.
Position Sizing:
Risk Assessment: Align position size with your risk tolerance to prevent overexposure.
Final Thoughts:
Validate Wave Count: Ensure your wave count aligns with Elliott Wave Theory and broader market structure.
Monitor Conditions: Stay updated on economic and geopolitical events that could impact Gold prices.
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