Oro / DollaroShort
XAUUSD 30/9/2024 Has the uptrend started?
Looking at H1 we see that the 5-wave uptrend structure has been completed and we are now in an ABC correction structure
The target of this correction I expect to end at the 2607 zone. At that time we can execute a long-term BUY order to continue the uptrend.
- The process of price completing the correction wave target needs to absorb strong demand zones along the way. These are the targets for us to be able to BUY short-term by day.
- Looking at the Volume profile, we see that there are 2 important demand zones that need to be considered, which are the 2639 - 2636 zone and the 2625 - 2622 zone. These are the border zones where the price is pushed up, so they will be the zones that the BUY side will protect when the price returns, and to break these zones, an absorption process is required and we will take advantage of this to proceed to BUY up.
- After completing the adjustment, when the price breaks the peak zone of 2686, confirming that the adjustment process is complete, I then measure the target of the uptrend wave with the first resistance zone at the 2700 zone and above it is the 2738 - 2741 zone.
This is also our important SELL target zone.
- In which we pay attention to an important zone of 2674, this is a strong supply zone, we can consider SELLing in this zone.
SELL ZONE: 2670 - 2673
SL: 2660
TP1: 2651
TP2: 2641
SELL ZONE: 2697 - 2700
SL: 2707
TP1: 2684
TP2: 2674
TP3: 2655
BUY ZONE: 2639 - 2636
SL: 2629
TP1: 2655
TP2: 2674
TP3: 2684
The target of this correction I expect to end at the 2607 zone. At that time we can execute a long-term BUY order to continue the uptrend.
- The process of price completing the correction wave target needs to absorb strong demand zones along the way. These are the targets for us to be able to BUY short-term by day.
- Looking at the Volume profile, we see that there are 2 important demand zones that need to be considered, which are the 2639 - 2636 zone and the 2625 - 2622 zone. These are the border zones where the price is pushed up, so they will be the zones that the BUY side will protect when the price returns, and to break these zones, an absorption process is required and we will take advantage of this to proceed to BUY up.
- After completing the adjustment, when the price breaks the peak zone of 2686, confirming that the adjustment process is complete, I then measure the target of the uptrend wave with the first resistance zone at the 2700 zone and above it is the 2738 - 2741 zone.
This is also our important SELL target zone.
- In which we pay attention to an important zone of 2674, this is a strong supply zone, we can consider SELLing in this zone.
SELL ZONE: 2670 - 2673
SL: 2660
TP1: 2651
TP2: 2641
SELL ZONE: 2697 - 2700
SL: 2707
TP1: 2684
TP2: 2674
TP3: 2655
BUY ZONE: 2639 - 2636
SL: 2629
TP1: 2655
TP2: 2674
TP3: 2684
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