XAU/USD Market Using Elliott Wave Theory, Fibonacci Retracements

2024年11月27日

This analysis focuses on key resistance and potential support levels to better understand possible market movements.

Key Analysis Points

1. Elliott Wave Count:
The uptrend has been completed with the impulse waves (1–5), followed by an ABC correction structure.
Currently, the market is in the B-wave of the correction, where Fibonacci levels could act as key resistance points.

2. Fibonacci Levels:
78.6% at 2,733.330: A strong potential reversal point.
71.0% at 2,713.844: Another critical resistance zone.
61.8% at 2,690.256: Observed as a major resistance level.
50.0% at 2,660.002: Another significant level within the daily order block.
Support Levels:

38.2% at 2,629.748: The first potential support in the downtrend.
23.6% at 2,592.315: A deeper support region.
0% at 2,531.807: The target for the C-wave.
-27.0% at 2,462.582: The final target in case of a full correction.

3. Order Block Analysis:
Daily Order Block: Located around the Fibonacci levels (61.8%–50%), it could trigger short-term rejections.
Weekly Order Block + FVG: This zone (2,531.807) could serve as the C-wave target and offers strong long-term support.

4. Expected Price Movement:
Once the B-wave completes, a continuation of the downtrend is anticipated, leading to the C-wave.
Potential Final Target: 2,462.582 (-27%).

Conclusion:
The market structure suggests a possible reversal within the daily order block area, followed by a potential drop toward the weekly order block and deeper Fibonacci levels. Traders should closely monitor reactions at the marked resistance levels to identify trading opportunities.

Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Conduct your own research and trade responsibly.