XAUUSD - Bullish Impulse Wave Unfolding Towards 2200???!!
Analysis Overview:
As we navigate through the intricacies of XAUUSD's price action, a new bullish scenario emerges, challenging the conventional expectations set by recent trends. This analysis delves into the possibility that the blue Wave B/X concluded with a truncated Wave Y around 2065, leading to the formation of the final leg of the blue Wave C/Y, bottoming out at 1984. Presently, the market seems to be carving out an ambitious five-wave impulse sequence, with Waves 1 and 2 already in the rearview, propelling us into the heart of Wave 3.
Bullish Scenario Unfolds:
Wave 3, characterized by its vigorous momentum, targets a minimum reach of 2100-2120, setting the stage for an extended rally potentially stretching to the 2200 mark. This optimistic forecast is underpinned by the unfolding impulse wave structure, signaling a robust continuation of the uptrend.
Invalidation Point:
Should XAUUSD fall below the 2040 level, it would invalidate our bullish scenario, suggesting a shift in market dynamics. In such a case, refer to the alternative bearish perspective detailed in XAUUSD - Approaching Critical Junction: The Final Leg of Wave B?.
Technical Concerns:
This scenario is not without its quandaries, particularly with the occurrence of two consecutive truncated waves:
Despite these technical reservations, this narrative remains the most coherent explanation for the price action should the ascent continue, fitting within the Elliott Wave framework.
Disclaimer:
This analysis is intended for educational and informational purposes only and should not be construed as financial advice. Always conduct your own due diligence and consult with a professional financial advisor before making investment decisions.
As we navigate through the intricacies of XAUUSD's price action, a new bullish scenario emerges, challenging the conventional expectations set by recent trends. This analysis delves into the possibility that the blue Wave B/X concluded with a truncated Wave Y around 2065, leading to the formation of the final leg of the blue Wave C/Y, bottoming out at 1984. Presently, the market seems to be carving out an ambitious five-wave impulse sequence, with Waves 1 and 2 already in the rearview, propelling us into the heart of Wave 3.
Bullish Scenario Unfolds:
Wave 3, characterized by its vigorous momentum, targets a minimum reach of 2100-2120, setting the stage for an extended rally potentially stretching to the 2200 mark. This optimistic forecast is underpinned by the unfolding impulse wave structure, signaling a robust continuation of the uptrend.
Invalidation Point:
Should XAUUSD fall below the 2040 level, it would invalidate our bullish scenario, suggesting a shift in market dynamics. In such a case, refer to the alternative bearish perspective detailed in XAUUSD - Approaching Critical Junction: The Final Leg of Wave B?.
Technical Concerns:
This scenario is not without its quandaries, particularly with the occurrence of two consecutive truncated waves:
- The sub red Wave Y, concluding at the 50% Fibonacci retracement level, appears unusually brief, raising questions about its adequacy.
- The main blue Wave Y, failing even to graze the 50% Fibonacci level, similarly casts doubts due to its diminutive scale.
Despite these technical reservations, this narrative remains the most coherent explanation for the price action should the ascent continue, fitting within the Elliott Wave framework.
Disclaimer:
This analysis is intended for educational and informational purposes only and should not be construed as financial advice. Always conduct your own due diligence and consult with a professional financial advisor before making investment decisions.
Comment:
what make me think about this Scenario is this strong break out in the 4H Frame
Trade active:
It seems it was a wave 3 😉
Comment:
After the success of my view of scenario 2 (of course, the wave 3 extended more), I currently expect the following:
starting today and over the next two weeks we will go into a sideways correction between the current top and 2120 ( if it go deeper then max around 2100)
and if it rise today as you said then max around 68-70 🌹🌹
after that gold will go to 22xx in the last 10 days of this month 😉
starting today and over the next two weeks we will go into a sideways correction between the current top and 2120 ( if it go deeper then max around 2100)
and if it rise today as you said then max around 68-70 🌹🌹
after that gold will go to 22xx in the last 10 days of this month 😉
Comment:
nothing change just wave 3 extended more, so let us see if it will works now
Comment:
First target reached, you can sell part or better wait for a confirmation that wave 5 is finish, keep your eyes on the termination channel.
Comment:
possible Scenario in the next hours
Trade closed: target reached:
It seems that gold was satisfied with the first target at 2222, and with the final daily close, it will break the termination channel and begin a deep correction. It may reach around 2000 after the correctional wave is completed.
I will publish a new analysis of the downside targets, but for now, in my opinion, you should find the appropriate point for you to exit buy trades, and wait for the correction to end to enter again.
Disclaimer:
This analysis is intended for educational and informational purposes only and should not be construed as financial advice. Always conduct your own due diligence and consult with a professional financial advisor before making investment decisions.
I will publish a new analysis of the downside targets, but for now, in my opinion, you should find the appropriate point for you to exit buy trades, and wait for the correction to end to enter again.
Disclaimer:
This analysis is intended for educational and informational purposes only and should not be construed as financial advice. Always conduct your own due diligence and consult with a professional financial advisor before making investment decisions.
