XAUUSD 16/10/2024 Is the uptrend over?

16 paź

Looking at H1 we see that the price has completed a 5-wave structure and a 3-wave corrective structure, so in the larger wave structure we have that wave 1 and wave 2 have been completed
- In the current wave structure, after a 3-wave bearish structure there will be an uptrend
- Looking at the current price line we have a red 5-wave bullish structure forming
- Our problem is to determine the target of the red wave 5
- I measure the expected area of ​​the red wave 5 is the price zone 2674 - 2677
- After completing the red 5-wave bullish wave there will be 3 corrective waves, the target area of ​​this corrective wave is the zone 2653 - 2650
- In case the price breaks below this zone to approach the zone 2639 - 2636, this is the price zone where the recovery may not be as strong as the zone above
Trading plan

SELL ZONE: 2674 - 2677
SL: 2684
TP1: 2661
TP2: 2655

BUY ZONE: 2653 - 2650
SL: 2645
TP1: 2663
TP2: 2673

BUY ZONE: 2639 - 2636
SL: 2629
TP1: 2649
TP2: 2655