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XAUUSD – Lana’s take on the corrective move 02/12
1. Fast update
Today, Lana sees gold as the backdrop for a short-term pullback, especially with a 4th wave of pullbacks following the previous strong rally, according to Elliott.
The goal is to take advantage of a technical downside move: Sell short toward lower price areas
Then buy again at a good support area based on the main trend
2. Technical analysis
From the market overview, the 4250-4260 liquidity area on the weekly frame is a very liquid area.
Lana considers this area to be one where a “false breakout” can occur: price is pushed to absorb liquidity and then corrects downward.
Based on session data, Lana prefers this scenario: prices around the above area are rejected
A bearish movement is formed to the 418x area, completing the correction wave 4.
After the completion of wave 4, the mid-term uptrend can continue.
3. Price considerations
Liquidity/Strong Resistance Zone:
4250 – 4260
Short selling control range:
4236 – 4241
Buy the control area based on the trend:
4180 – 4175
4. Transaction scenario
⭐️ Scenario 1 – Sell on a pullback
Sales: 4236 – 4241
Stop loss: above 4245
Target: 418x (can gradually close to the 4180 area)
⭐️Scenario 2 – Buy based on trend after pullback
Purchase: 4180 – 4175
Stop loss: 4170
Target: At least 20 points (you can choose the resistance area closest to the gradual closing)
Lana’s preference: Don’t buy directly in the 4250-4260 liquidity area
Wait patiently for the price to reach the 4236-4241 area for sale,
Then buy according to the trend at 4180-4175.
This is Lana’s personal opinion on the February 2012 correction, please think carefully and manage your risk before making any trades. 💛
