Technical analysis by ProWolfTrader_89 about Symbol PAXG on 12/5/2024

Elliott Wave Analysis1. Wave Structure:Wave (1): Impulse or Leading Diagonal, showcasing a strong upward trend.Wave (2): A corrective wave, likely following a simple zigzag correction (ABC structure).Wave (3): Only Impulse, which is a strong move upward, as per Elliott Wave principles, the most extended wave.Wave (4): Suggests another corrective structure (potential zigzag or flat correction).Wave (5): Expected continuation, either:Impulse (continuation of the trend).Ending Diagonal (weaker trend or exhaustion).2. Corrections Highlighted:ABC correction patterns are indicated.Wave (B) could lead to a further downward Wave (C) correction before a strong upward continuation.Key Levels:1. Demand Zones:Positioned at lower levels for potential reversals. If the price tests these areas, it may provide buy opportunities.2. Supply Zones:Marked as resistance areas where the price may reverse or consolidate.Two Possible Scenarios:1. Bullish Continuation:Continuation of a 5-wave impulse move.Break above supply zones to confirm this scenario.2. Bearish Correction:Completion of an ABC corrective structure.Look for further downside, testing demand zones.Trade Plan:1.Buy: Upon confirmation of Wave (4) completion at demand zones.Entry: Close to the lower demand area.Target: Midpoint of Wave (5) projection or supply zones.Stop Loss: Below the demand zone.2.Sell: If a deeper correction (Wave C) forms before Wave (5).Entry: After confirmation of resistance at supply zones.Target: Next demand zone.