This trading plan combines Elliott Wave analysis with Fibonacci retracement and extension levels, focusing on key psychological points to guide entry, exit, and risk management decisions for the Gold/USD 1-hour chart.
Fibonacci Levels & Psychological Zones:
Wave 3 is approaching a Fibonacci extension zone near 3,558 - 3,616 (from 3.618 to 4.618 levels). This acts as a key resistance and potential Wave 3 target.
The retracement for Wave 4 correction is expected to land within the important Fibonacci retracement zones:
- 38.2% (~3,472)
- 50% (~3,449)
- 61.8% (~3,426)
These Fibonacci levels serve as psychological support zones where Wave 4 could end and Wave 5 might begin.
Fibonacci Levels & Psychological Zones:
Wave 3 is approaching a Fibonacci extension zone near 3,558 - 3,616 (from 3.618 to 4.618 levels). This acts as a key resistance and potential Wave 3 target.
The retracement for Wave 4 correction is expected to land within the important Fibonacci retracement zones:
- 38.2% (~3,472)
- 50% (~3,449)
- 61.8% (~3,426)
These Fibonacci levels serve as psychological support zones where Wave 4 could end and Wave 5 might begin.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.