XAUUSD 8/8/2024 Is this decline over?

8 Ağu

Looking at H1, we see that after yesterday's decline to the 2380 price zone, the price has recovered to the 2396 zone.

- Yesterday's decline, we wanted to see the price stop at the 2389 zone to confirm that wave 2 had ended and started wave 3, but in fact, the price has dropped deeply to 2380. Although the previous wave counting process has not been denied, the price's deep drop to 2380 has given us a complex correction model of wave 2 in black, so we still bet that the uptrend is the current main trend.

- Today, the price has recovered to the 2396 zone, suggesting to us a triangle correction model abcde. Obviously, I will not make a subjective conclusion because with a complex correction model, we have to patiently wait for the complete model to have the exact direction of the price.

- Current Trading Plan
BUY ZONE: 2374 - 2371
SL: 2364
TP1: 2381
TP2: 2400
TP3: 2412

SELL ZONE: 2415 - 2418
SL: 2425
TP1: 2406
TP2: 2495
TP3: 2389

SELL ZONE: 2425 - 2428
SL: 2435
TP1: 2418
TP2: 2406
TP3: 2495