Hi fellow traders,
On the 15M GOLD chart, I am analyzing the current market structure using Elliott Wave principles.
The chart shows a developing corrective structure following the previous impulsive move. The wave labeling helps illustrate how the correction may unfold before the next directional move develops.
The blue box represents a liquidity zone, an area where price is often drawn to before the structure continues. These zones frequently act as magnets for price during corrective phases.
Just below current price, a small demand zone around 5100 may provide temporary support if price reacts before reaching the liquidity area.
Above the current price, the red zones represent supply, highlighting potential regions where selling pressure could return if the correction extends further.
Good luck and trade safe!
On the 15M GOLD chart, I am analyzing the current market structure using Elliott Wave principles.
The chart shows a developing corrective structure following the previous impulsive move. The wave labeling helps illustrate how the correction may unfold before the next directional move develops.
The blue box represents a liquidity zone, an area where price is often drawn to before the structure continues. These zones frequently act as magnets for price during corrective phases.
Just below current price, a small demand zone around 5100 may provide temporary support if price reacts before reaching the liquidity area.
Above the current price, the red zones represent supply, highlighting potential regions where selling pressure could return if the correction extends further.
Good luck and trade safe!
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Slightly modified the corrective structure.Nota
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Looking for 5175 level first - market will move in waves.Trade ativo
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If we break 5014.94 (Invalidation level) the setup is no longer valid.Nota
Always keep an open mind as this is the 15min. TF. Structures and patterns will change..Nota
Trade fechado: stop atingido
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We can conclude before the week ends that gold will likely continue lower.
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Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.