XAUUSD 8/29/2024 Is the uptrend over?

29 Agu

Yesterday as predicted, wave C was completed with very strong selling pressure, we did not reach the target of the first BUY zone, but at the second BUY zone, we had a big win of 210 pips, congratulations to all of us.

Currently, the uptrend is still dominant. Looking at the current trend, we expect a 5-wave structure as shown on the chart. Besides, there is still the possibility of an ABC correction structure.

- We have the price zone 2510.7 as a confirmation point, if the price closes above 2510.7, then we are in a 5-wave uptrend. If the price closes below 2510.7, then this increase is just an ABC correction and then the price continues to decrease when the structure is completed.
- My current view is leaning towards a 5-wave bullish structure because I am expecting wave C to reach its target at 2493.7 and then a 5-wave structure will follow, then we have wave 5 target at 2536 - 2539, this is the first target and this is also the target area for us to SELL
- If the current structure is an ABC correction structure, then we have wave C target at 2487 - 2484, this will be our BUY target
- In addition, we have a large demand concentration area at 2509 - 2506, so this is also a target area for us to BUY SCALP

Trading plan
BUY SCALP ZONE: 2509 - 2506
SL: 2499
TP1: 2518
TP2: 2524
TP3: 2531 BUY ZONE: 2487 - 2484 SL: 2477 TP1: 2499 TP2: 2506 TP3: 2531 SELL ZONE: 2536 - 2539 SL: 2546 TP1: 2531 TP2: 2524 TP3: 2509