XAUUSD Weekly TF Elliot Wave analysis and potential setup

Hello fellow traders,

I'd like to share an Elliott wave analysis I've conducted on the weekly timeframe, focusing on a potential trading opportunity with a target of 2190. Currently, we find ourselves at the completion of Wave 4, which is projected to be within the range of 1986-1980. Let's break down the analysis further:

Wave 1: We observed a bullish move from 1810 to 2009, indicating the initial upward momentum.

Wave 2: Following Wave 1, there was a corrective wave down to 1931, suggesting a temporary retracement in the trend.

Wave 3: The bullish trend resumed with Wave 3, pushing the price from 1931 to 2148, demonstrating strong upward momentum.

Wave 4: Presently, we are in the completion phase of Wave 4, anticipated to be within the range of 1986-1980. It's crucial to exercise patience and wait for the setup to fully materialize before considering entry points.

Wave 5: Looking ahead, once Wave 4 concludes, we anticipate a continuation of the bullish trend with Wave 5, projected to move from 1986-1980 to our target level of 2190.

Additionally, I've calculated the target using the Fibonacci retracement tool, specifically incorporating the levels of Wave 1 and Wave 3, which aligns with the 61.8% Fibonacci retracement level.

As always, it's essential to combine technical analysis with risk management strategies to navigate the forex market successfully. Keep a close eye on price action and market developments to validate the forecasted Elliott wave pattern.

Happy trading!

Comment:

Hello fellow traders, this is an important week, without much fundamental data this week, i think it will respect our idea. Happy trading

Trade active:

Hello fellow traders, great last week and an excellent monthly and weekly close, Gold followed our exact idea and now we are in the 5th elliot wave. Happy trading