XAUUSD 6/9/2024 Where will the uptrend end?

6 Sep

Looking at H1 we are seeing a 5-wave bullish structure forming,
- Currently looking at the price data, the wave 4 structure is forming, the completion of wave 4 and wave 5 are confirmed when the price breaks through 2523, then we have the confirmation of wave 5.
- After a 5-wave structure will be an adjustment according to the 3-wave ABC structure.
- I have estimated the wave 5 target at the price range of 2530 - 2533, which is also our SELL target
- Then the ABC correction structure has a target to end at the price range of 2500 - 2497, which will be our BUY target.
- I still do not rule out the possibility that the big correction wave has not been completed yet, then the target of wave C that I mentioned in the previous plan is the price zone of 2464 - 2467, which will be our BUY target when the price breaks through 2472
Our trading plan will trade according to the ABC downtrend and wait for the ABC downtrend structure to complete, then we will BUY up

Trading plan
SELL ZONE: 2530 -2533
SL: 2540
TP1: 2523
TP2: 2518
TP3: 2509

BUY ZONE: 2500 - 2497
SL: 2400
TP1: 2518
TP2: 2523
TP3: 2530

BUY ZONE: 2467 - 2464
SL: 2457
TP1: 2482
TP2: 2493
TP3: 2518