Technical analysis by AwesomeOscDad about Symbol PAXG: Sell recommendation (5/17/2025)

AwesomeOscDad

📉 Elliott Wave Analysis – Bearish Wave 5 Setup in Progress 🔍Watchlist: Short Opportunity at Completion of Wave 4⸻✅ Wave Count OverviewAs illustrated in the chart, we have a clear impulsive Elliott Wave structure unfolding. Waves 1, 2, 3, and 4 have been successfully completed, as confirmed by the Awesome Oscillator (AO) displaying healthy wave divergence and convergence throughout the formation.•Wave 3 extended beautifully, and now Wave 4 appears to have completed its corrective phase.•AO shows classic convergence during this retracement, confirming weakening bullish momentum — a hallmark sign of Wave 4 development nearing exhaustion.⸻📌 Key Technical Levels:•Wave 4 Top: Completed near the 1.618 Fibonacci extension, a textbook resistance zone for the end of a corrective wave.•Critical Resistance / SNR Level: 3202.465 – This zone acts as a major resistance, aligning perfectly with prior structure and fib confluence.•Important Rule: Wave 4 must not overlap with Wave 1 territory. So far, this rule remains respected. A break below this would invalidate the current count.⸻🎯 Wave 5 Trade Setup – Bearish BiasLooking ahead, I’m anticipating the final leg down – Wave 5 – to unfold from this resistance region. This presents a potential shorting opportunity for high-probability traders.•Wave 5 Target Zone:🔻 1.618 - 1.88 Fibonacci extension from Wave 3🔻 Expect strong bearish momentum to kick in as Wave 5 progresses🔻 AO should shift strongly red again, confirming impulse resumption⸻💡 Summary & Trading Plan:•✅ Wave 4 looks completed based on Fibonacci confluence + AO convergence•🔥 Resistance at 3202.465 is the key level to watch•📉 Enter short once price confirms rejection and momentum shifts•🎯 Target zone: 1.618 - 1.88 fib extension below•❗ Risk: Setup invalidated if Wave 4 enters Wave 1’s price zone👉 Let’s ride Wave 5 together! 🚀💥#elliottwave #tradingviewanalysis #wavecount #shortsetup #technicalanalysis #priceaction #aoindicator #wave5incoming