XAUUSD 8/28/2024 Has the price started a new trend?
Looking at H1, we see a completed 5-wave structure followed by a correction structure. Currently, we have 2 possibilities that can happen with the current price structure
Case 1, we have a Flat correction structure with peak B equal to peak 5 as shown on the chart. Then we need to wait for the price to complete wave C to be able to trade. In this case, it is confirmed when the price breaks through the 2503.9 zone
- Case 2 is that the price has completed the ABC correction wave at the 2503.9 price zone and the price is currently in a 5-wave uptrend structure. If so, we have the current correction wave as correction wave 2 in a new uptrend structure, then we expect the price to break through the 2526.6 zone to create a new higher peak. And this case is confirmed when the price breaks through 2526.6.
Combining the possibilities we have the following trading targets. Pay special attention because the current price structure is still unclear, requiring us to manage the transaction closely.
SELL ZONE: 2536 - 2539
SL: 2546
TP1: 2527
TP2: 2519
TP3: 2523
BUY ZONE: 2512 - 2509
SL: 2502
TP1: 2519
TP2: 2531
TP3: 2536
BUY ZONE: 2498 - 2495
SL: 2488
TP1: 2509
Tp2: 2519
TP3: 2531
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