eL-Professor
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eL-Professor
Gold (XAUUSD) is forming a textbook impulsive Elliott Wave structure on the 1-hour chart.Wave 3 peaked around 3,131 USD, followed by a corrective Wave 4 currently in progress.Substructure shows wave (iii) ending at 3,150.57 and an expected wave (iv) bounce capped near 3,228–3,198 USD, followed by a final dip.The projected Wave 4 termination zone lies within the confluence of:A key demand area: 3,110–3,000 USDRising channel support1.618 Fib extension of Wave A ≈ 2,982.93 USDA bullish breakout from this zone would mark the beginning of Wave 5, aiming for new highs above 3,360+ USD.📉 Short-term Bias:Expect one more drop to complete Wave 4 within the gray demand zone.📈 Medium-term Outlook:Anticipating a strong Wave 5 rally once support holds and price breaks the descending resistance trendline.🔻 Invalidation:A break below 2,982 USD would invalidate this count and suggest deeper correction.#XAUUSD #Gold #ElliottWave #Wave4 #Wave5 #TechnicalAnalysis #TradingStrategy #Forex #ICMarkets #PriceAction #1HourChart #FibLevels #BullishOutlook
eL-Professor
Gold end last week with good recovery during wave B confirmation, giving us an indication Wave B will be targeting 3408$, and Wave C between 4245-3225However, brake above 3448 will open the doors for new 5 waves upwards and will invalidate the bearish
eL-Professor
While chart is Self-Explanatory the wave analysis show a possible one more decline to form Wave 4 (D) before the price rally up for Wave 5 (W) and Wave 3 (M)For Intraday trading its better to focus on short positionsDo this analysis align with yours or no ? Please leave your valuable opinion
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