Hello traders,
I'm focusing on a potential short opportunity for XAU/USD (Gold) using Elliott Wave principles. Our chart suggests that we are nearing the completion of a bullish impulse wave, which often precedes a significant corrective phase.
The market seems to have completed or is close to completing wave (5) of the bullish sequence. This setup typically indicates that a downward correction is imminent, providing a strategic entry point for a short position.
Wave (5) completion: Observations suggest that the market is approaching a peak with potential reversal signals imminent. The next expected phase, wave (a) of the corrective sequence, could see prices pulling back to key Fibonacci retracement levels, such as 0.382 at 2349.981, 0.5 at 2341.153, and potentially down to 0.618 at 2332.324.
For traders considering a short position, monitoring the completion of wave (5) for bearish reversal patterns is crucial. This transition often offers a lucrative shorting opportunity, especially if confirmed by other technical indicators.
Effective risk management is essential; setting stop losses just above the recent highs of wave (5) will help protect against potential upside reversal. I’ll continue to provide updates on this setup and any necessary adjustments based on how the market patterns evolve.
Happy trading!
I'm focusing on a potential short opportunity for XAU/USD (Gold) using Elliott Wave principles. Our chart suggests that we are nearing the completion of a bullish impulse wave, which often precedes a significant corrective phase.
The market seems to have completed or is close to completing wave (5) of the bullish sequence. This setup typically indicates that a downward correction is imminent, providing a strategic entry point for a short position.
Wave (5) completion: Observations suggest that the market is approaching a peak with potential reversal signals imminent. The next expected phase, wave (a) of the corrective sequence, could see prices pulling back to key Fibonacci retracement levels, such as 0.382 at 2349.981, 0.5 at 2341.153, and potentially down to 0.618 at 2332.324.
For traders considering a short position, monitoring the completion of wave (5) for bearish reversal patterns is crucial. This transition often offers a lucrative shorting opportunity, especially if confirmed by other technical indicators.
Effective risk management is essential; setting stop losses just above the recent highs of wave (5) will help protect against potential upside reversal. I’ll continue to provide updates on this setup and any necessary adjustments based on how the market patterns evolve.
Happy trading!
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