Jump to content

Gold (XAUUSD) Elliott Wave Technical Analysis 29 February 24

Recommended Posts

Gold Elliott Wave Analysis - trapped in a range. Where will it break out?

Function - Counter-trend

Mode - Corrective

Structure - Zigzag

Position - Blue wave D of IV

Direction - Blue wave E of IV

Gold has exhibited a consolidated phase spanning the last three months, indicating a period of range-bound movement. However, this consolidation does not disrupt the overarching long-term trend that has persisted since 2015. Anticipation mounts that once gold breaks free from this range, it may surge to establish a fresh all-time high, thus reinforcing its enduring bullish trajectory.

Zooming into the daily time frame, scrutiny intensifies on the unfolding dynamics of the red wave (5) within the larger context of blue wave V. Commencing its development from 1616 in November 2022, wave (5) appears to be manifesting into an ending diagonal pattern. While wave I-II-III of (V) have seemingly concluded, wave IV's trajectory has morphed into a sideways movement, resembling a triangle pattern. This wave IV commenced at 2147, with the triangle formation centering around the significant 2000 level. Should the immediate descent from 2147 align with the presumed triangle scenario, the 2000 level is poised to act as a pivotal support, potentially propelling a bullish breakout towards the 2100-2200 range.

Conversely, a breach below 2000 and the lower boundary of the triangle would signify a different interpretation, suggesting the immediate decline from III as the initial leg of wave IV, thus paving the way for further downward movements. Simplifying the analysis, the preference leans towards the former scenario. Delving into the H4 chart, detailed labeling of the sub-waves comprising wave IV sheds further light on the unfolding pattern.

Observing the H4 chart, blue wave D nears its culmination, likely targeting the 2051-2057 supply zone or slightly below. A potential final upswing may transpire before a subsequent breakdown occurs. Should such a breakdown materialize, wave E could emerge, setting its sights on revisiting the critical 2000 level once more, completing the anticipated wave IV correction cycle.

Technical Analyst : Sanmi Adeagbo









Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • While established players like Binance held steady market share, Bitget has shown impressive growth in Q1 2024. Their derivatives market share jumped from 9% to 12% in just two months, pushing them to the number 3 spot, surpassing OKX. This surge coincides with a significant increase in their user base, reaching 25 million.   The exchanges’ growth isn’t limited to market share. Their spot trading volume also saw explosive increases throughout the quarter, culminating in March’s staggering $95 billion. This impressive performance has seen Bitget overtake several competitors, solidifying their position as a leading exchange for both experienced and new crypto traders.
    • SOL is on the move! Keep your eyes peeled as it approaches key resistance at $148.27. Further ceilings await at $148.98 and $151.86. However, a breakthrough could signal a stronger bullish phase.   Support levels stand firm at $141.17, with even stronger foundations at $133.73 and $128.71. These are critical in case of any selling pressure, offering potential buying opportunities on dips.   Feeling bullish? Traders might consider long entries on pullbacks to major support levels, with stop-loss orders placed below $133.73 to manage risk. If SOL struggles, short positions could be in play with targets set at subsequent support levels.
    • In last couple of years, there has been  debate over the top memecoin investment with centre of discussion around DOGE, SHIB, FLOKI, PEPE and a host of others. Personally, I feel comparing any contender to DOGE feels akin to comparing altcoins to BTC. DOGE, being the pioneer memecoin, boasts an impressive $22 billion market cap, towering over its closest competitor, SHIB, with a $13 billion market cap. Its unique endorsement by Elon Musk further solidifies its position. The fervent backing from its vast online and offline community serves as a blueprint for other memecoins to follow. Thus, it's no surprise that DOGE emerged victorious in a recent Bitget poll, where enthusiasts competed to showcase their community's strength in honor of DOGE DAY 2024. With DOGE predictably clinching the win, ten fortunate participants stand to each receive $300 worth of DOGE through the event's gleam completion. Let's seize this opportunity to bolster our crypto portfolios.
  • Create New...