Feel free to follow me on my Instagram channel for specific questions and more insights into various trading instruments across Forex and Crypto!: https://www.instagram.com/k.waveanalytics/ This is an Elliott Wave analysis for XAUUSD. The current market structure shows a zigzag correction pattern, which is divided into three main waves: Wave A, Wave B, and Wave C. Wave A: The impulsive Wave A has already been completed, following a clear 5-wave structure. This confirms the first phase of the zigzag correction. Wave B: The market is currently in Wave B, which is forming an expanding triangle on the 1-hour chart. This triangle consists of the subwaves a-b-c-d-e. At present, we anticipate Wave D to reach the lower boundary of the triangle, which is typical for such a pattern. Outlook and Trading Plan: Once a clear rejection occurs at the lower boundary of the triangle, we plan to enter a long trade for Wave E. Wave E is expected to rise into the area of the 50% or 61.8% Fibonacci retracement of Wave A. Following Wave E, we anticipate the start of the final Wave C, which is likely to unfold as an impulsive downward move. This analysis assumes that the triangle will fully develop. Continuous monitoring of price action along the boundary lines is essential to validate the forecast and refine the trading plan.
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SHORT SETUP XAUUSD! Reading > a thousand trading books wouldn't make you rich. Note that the trading books are for the authors and publishers to earn tons and tons of $$$$. You need to trade live for the next few years. Document this info: - entry time - entry price - max stop - target profit - reward : risk ratio - success/win rate ... Then you will know whether those waves and fibos and abcde and ABCDE are helping you to earn $$$$ or not.