This 15-minute chart analysis of XAUUSD (Gold Spot/U.S. Dollar) suggests a possible SELL opportunity using Elliott Wave Theory. After observing an upward impulse wave sequence, we are currently in a corrective phase. The chart depicts a completed impulsive structure from points (1) to (3) and suggests a potential retracement as part of the corrective wave (4).
According to the Fibonacci retracement levels drawn from the top of wave (3) to the bottom of wave (1), the current price movement is approaching the 0.382 level at 2292.954 and might extend to the 0.5 level at 2291.160. These levels often act as resistance in a typical wave (4) retracement scenario.
Based on this analysis, entering a SELL position in anticipation of wave (4) completing near these Fibonacci levels could be advantageous, with expectations of a downturn towards the beginning of wave (1) or lower as wave (5) unfolds. Risk management is crucial, and setting a stop-loss above the wave (3) high can help mitigate potential losses if the price does not reverse as expected.
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