XAUUSD We have now completed a 1-2-3-4-5 move to the downside (in white), followed by a counter-correction in the form of an A-B-C.
This may have already completed our yellow (Circle) Wave 2 🟡 — though it’s not confirmed just yet.
We still have two potential resistance levels at 3400 and 3418 that could serve as final topping points for Circle 2.
Today, we can also observe a break of structure with the white trendline being broken, adding further confirmation to the bearish outlook 🔻.
I am now tracking my 1-2-3-4-5 structure in yellow, which should unfold into Circle Wave 3 🟡.
Bias remains bearish, and I expect this move to develop in line with the yellow projection already shown on my chart.
If price breaks decisively above our Fibonacci resistance, the alternative scenario would be an ABCDE triangle formation that has potentially been forming over the past months — in that case, I’ll post a dedicated update 📌.
For now, I’m actively looking for sell setups and have already entered short positions ✅.
Trade active
4 positions already made sl above the last high. For more informations about my entrys look my last idea posts. :)Note
potential 3 in looking for bearish momentum sl above the wave 4 fib or last high. depends on how much risk you wanna put in.
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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.