XAUUSD July 23, 2024 Where will the rising wave go?
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Looking at the H1 chart, we have a completed 5-wave bearish pattern
- The target of wave 5 has been achieved near the price range of 2382 that I predicted yesterday
- After completing the next wave 5, there will be 2 cases, the first case is that the price continues the 5-wave impulse wave pattern. The second case is the abc bullish correction pattern.
- Regardless of the pattern, we now expect a price increase at least according to the abc correction pattern
- The target of ending the correction wave will be specifically determined when the wave has completed at least 2 waves a and b. Based on current price data, I estimate the target of the correction wave is the price range 2433.
- If this rally gets past 2453 then we will be leaning towards a trend rally to 2500 then I will update everyone.
Trading plan
BUY: 2491 - 2488
SL 2483
TP1: 2420
TP2: 2433
SELL ZONE: 2433 - 2436
SL: 2431
TP1: 2411
TP2: 2494
- The target of wave 5 has been achieved near the price range of 2382 that I predicted yesterday
- After completing the next wave 5, there will be 2 cases, the first case is that the price continues the 5-wave impulse wave pattern. The second case is the abc bullish correction pattern.
- Regardless of the pattern, we now expect a price increase at least according to the abc correction pattern
- The target of ending the correction wave will be specifically determined when the wave has completed at least 2 waves a and b. Based on current price data, I estimate the target of the correction wave is the price range 2433.
- If this rally gets past 2453 then we will be leaning towards a trend rally to 2500 then I will update everyone.
Trading plan
BUY: 2491 - 2488
SL 2483
TP1: 2420
TP2: 2433
SELL ZONE: 2433 - 2436
SL: 2431
TP1: 2411
TP2: 2494
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