Technical analysis by Pulse_ProfitFx about Symbol PAXG: Sell recommendation (11/27/2024)

This analysis focuses on key resistance and potential support levels to better understand possible market movements.Key Analysis Points1. Elliott Wave Count:The uptrend has been completed with the impulse waves (1–5), followed by an ABC correction structure.Currently, the market is in the B-wave of the correction, where Fibonacci levels could act as key resistance points.2. Fibonacci Levels:78.6% at 2,733.330: A strong potential reversal point.71.0% at 2,713.844: Another critical resistance zone.61.8% at 2,690.256: Observed as a major resistance level.50.0% at 2,660.002: Another significant level within the daily order block.Support Levels:38.2% at 2,629.748: The first potential support in the downtrend.23.6% at 2,592.315: A deeper support region.0% at 2,531.807: The target for the C-wave.-27.0% at 2,462.582: The final target in case of a full correction.3. Order Block Analysis:Daily Order Block: Located around the Fibonacci levels (61.8%–50%), it could trigger short-term rejections.Weekly Order Block + FVG: This zone (2,531.807) could serve as the C-wave target and offers strong long-term support.4. Expected Price Movement:Once the B-wave completes, a continuation of the downtrend is anticipated, leading to the C-wave.Potential Final Target: 2,462.582 (-27%).Conclusion:The market structure suggests a possible reversal within the daily order block area, followed by a potential drop toward the weekly order block and deeper Fibonacci levels. Traders should closely monitor reactions at the marked resistance levels to identify trading opportunities.Disclaimer:This analysis is for educational purposes only and does not constitute financial advice. Conduct your own research and trade responsibly.