XAUUSD 19/8/2024 price has created ATH?

19 ago

Last weekend we had a strong increase on Friday that broke the old peak to create a new ATH.

This increase has caused the RSI indicator to enter the overbought zone. In my experience, when the price moves quickly and sharply while looking at the RSI entering the oversold zone, this is a sign of wave 3.

- Currently we see the price falling to the 2500 zone, so we expect an ABC downtrend structure of wave 4.

- I measured the wave 4 target at the 2485 - 2483 zone, after reaching the wave 4 target, we expect a wave 5 increase to complete the 5-wave uptrend structure.

- I measured the wave 5 target at 2517 - 2520 and 2531- 2534 zones, these are the 2 target zones I expect to SELL down.

Trading Plan
BUY ZONE: 2467 - 2463
SL: 2457
TP1: 2493
TP2: 2500
TP3: 2517

BUY ZONE: 2485 - 2482
SL: 2475
TP1: 2500
TP2: 2509
TP3: 2517

SELL ZONE: 2517 2520
SL: 2527
TP1: 2506
TP2: 2500
TP3: 2484

SELL ZONE: 2531 - 2534
SL: 2541
TP1: 2519
TP2: 2500
TP3: 2484