XAUUSD June 10, 2024 Opportunity after a sharp decline?

Last week we saw a sharp decline on Friday due to news that China stopped buying gold reserves and the Nonfarm index was good for the USD.

Seen from Elliot's perspective
- We have wave 4 completed at the price range of 2386, then wave 5 continues to move in a downtrend.
- We see a sharp move of wave 5 so this is likely wave 3 within wave 5 (Wave 5 inside it is a small 5 wave structure 1 2 3 4 5)
- So in order for wave 5 to complete, we need a correction of wave 4 in the big wave 5
- We have 2 adjustment targets: 2 price zones 2309 and 2321
- After completing the correction wave, the price will continue to decrease to complete wave 5
- We have wave 5 targets of 2 areas 2264 and 2229
- For now, looking at the H4 momentum indicator, it is in the oversold area, so the immediate selling force has temporarily weakened. It is possible that the next adjustment will be to the target areas above.
- We will observe the important price zones above to look for transactions

Deekop's analysis is free from any personal bias intended to serve everyone. I can't always be right - no one can. But my analyzes reflect Deekop's meticulous assessment of the market situation in the medium and long term and nothing more to help people have the best trading plan.

Commentaire:

The price is in a correction so the price moves slowly

Commentaire:

The current price has approached the target of the 2309 correction wave. We look to find a point to enter a sell order

Commentaire:

Looking at M15, we see that wave c has formed a 5-wave structure 1 2 3 4 5 as shown on the chart.
The corrective wave target has been achieved
We can set up a sell order in this area

Commentaire:

The price has approached our target and dropped