Elliott Wave Analysis – Gold (XAUUSD)

momentum

– Momentum on the daily time frame (D1) is still in the process of preparing for a reversal, but it has not yet been clearly confirmed. Therefore, on the daily frame, we wait for the candle close to confirm the signal.

Momentum on the four-hour frame (H4) is currently showing preparations for a bearish reversal, suggesting a possible bearish corrective movement in the H4 frame.

Momentum on the hourly chart (H1) is approaching oversold territory, which suggests that an upward correction is likely on the H1 chart in the short term.

wave structure

Daily Frame (D1)

– Looking at the daily chart, the price is still within a blue fifth wave structure.
Price has reached the target area, so we need to monitor the possibility of a reversal in today’s trade, especially since the D1 momentum is also preparing for a reversal.

Four hour frame (H4)

– On the H4 frame, the orange third-wave structure is still developing, and inside it is the green fifth-wave structure.
– Currently, the price is moving within the fifth wave green zone.
– After the green fifth wave is completed, it is expected that the orange third wave will also be completed, at which time the price will enter the callback phase of the orange fourth wave.

Table frame(H1)

– In the green fifth wave we notice the purple five wave structure (1-2-3-4-5) and the price is currently in the fifth purple wave.
– In the violet fifth wave, a finer structure of five black waves (1-2-3-4-5) may be formed.
– At this point, the third black wave is likely complete and the price is preparing to enter the fourth black wave.

– This scenario corresponds to H4 momentum, which is preparing for a bearish reversal, which enhances the likelihood of a corrective move.

target and convergence areas

The expected target of the fourth wave of black wave is expected to be the 0.382 Fibonacci retracement level of the third wave, near the 4908 area.
This area is also my primary buying area, especially if H4 momentum converges towards oversold territory.

trading plan

Buying area: 4909 – 4907
Stop loss: 4889
First goal: 4929
Second target: 4957