• Wave Structure: The chart shows a correction after the completion of Wave (i), followed by a corrective Wave (ii), which is a typical Elliott Wave pattern. • Entry Point: The price appears to be in the early stages of Wave iii, suggesting that entering a long position at the current level could be beneficial. • TP: The target for Wave iii can be set near the 2650 level, corresponding with the resistance level. • SL: A stop loss should be placed below the low of Wave ii, around 2364, to protect against a potential downturn.
Chart 2: XAUUSD H4 (4-Hour Timeframe)
• Wave Structure: The 4-hour chart shows the completion of Wave (ii) and the beginning of Wave iii of a larger degree. This suggests further upside potential in the medium term. • Entry Point: Consider entering a long position on a pullback to the 2400-2420 area, which aligns with previous support/resistance levels. • TP: The target for this trade could be set around 2560 to 2650, aligning with the upper resistance levels marked in the chart. • SL: A stop loss should be set below the low of the recent corrective structure, around 2364.
Chart 3: XAUUSD Daily Timeframe
• Wave Structure: The daily chart suggests the market is in a Wave 3 of a larger degree, which typically is the strongest wave in Elliott Wave theory. This indicates a potential continuation of the upward trend. • Entry Point: The daily chart also supports a long position on pullbacks, with entry around 2400-2420 as the price consolidates and gains momentum. • TP: The long-term target could be the 2650 level or even higher at 2750, aligning with the resistance and projected wave targets. • SL: A more conservative stop loss can be placed below the 2364 level, which represents a key support area and below the Wave ii low.
Summary of Trade Ideas:
1. H1 Chart: Long position with entry around the current price, TP at 2650, SL at 2364. 2. H4 Chart: Long position on a pullback to 2400-2420, TP at 2560-2650, SL at 2364. 3. Daily Chart: Long position on pullbacks to 2400-2420, TP at 2650-2750, SL at 2364.
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