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Wyckoff Distribution Phase: The chart shows clear signs of a Wyckoff Distribution, which suggests the market is in the process of transferring from bullish to bearish sentiment. The market is likely in Phase C, where the price tests supply at a premium level before a possible markdown phase. In Phase C, we typically see a test of the resistance zone (created by...

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Elliott Wave Progression: The chart indicates a completed 5-wave Elliott Wave progression. Wave 3 had peaked at 2,702.967, and a corrective phase has begun, following the completion of Wave 5. An ABC corrective wave is likely in progress, where price will retrace toward support levels before resuming its next move. Fibonacci Retracement Levels: The retracement...

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1. Elliott Wave Theory: Wave Analysis Wave 5 Completion (Top of Impulsive Move): End of Wave 5 marks the peak of the bullish phase, followed by a corrective move (ABC correction). Wave 5 Targets and Invalidations: Expected completion around 2,749 - 2,750 (resistance zone). Further upward movement could trigger profit-taking, invalidating further upward thrusts if...

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Key Concepts: Wyckoff Phases and Distribution: The chart seems to follow the Wyckoff methodology, particularly focusing on Distribution phases (Phase A, B, C). The current price action appears to be in Phase C, approaching the potential markdown (downtrend) continuation. Supply and Demand Zones: A Bearish Order Block is identified at the upper part of the chart,...

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. Harmonic Pattern Structure The chart seems to display a Gartley harmonic pattern. This can be seen through the labeled points X, A, B, C, D, which denote a classic five-point pattern used to predict potential reversals. The retracement levels (like 0.618 and 0.786) shown between these points suggest that price action is expected to respect key Fibonacci ratios....

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Weekly Overview Market Structure & Key Levels: The chart displays a potential Bullish Order Block formation with a strong focus on the 196.70 - 197.00 level. This level acts as a primary area of interest due to significant market reactions and serves as the Point of Control (POC) for the upcoming week. A Break of Structure (BOS) has occurred, indicating a...

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Current Market Structure and Phases Primary Phase: We’re in a Wyckoff Distribution Phase moving from Phase B (Testing of supply) towards Phase C (Market confirmation of weakness). Phase B: This phase contains a SOW (Sign of Weakness), where the price has broken support levels, indicating a strong selling interest. Phase C: Expected to confirm this distribution...

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Wyckoff Structure and Market Analysis The chart illustrates the Wyckoff Distribution with phases A, B, C, and D, each representing distinct price movements and volume dynamics according to the Wyckoff methodology. Phase A highlights the initial Preliminary Supply (PSY) and the Automatic Rally (AR) levels, indicating the onset of selling pressure and potential...

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1. Wyckoff Phases and Key Levels: Phase A (PSY & ST): Preliminary Supply (PSY) marks the area where early sellers start pushing prices down. The Selling Test (ST) occurs as buyers and sellers test the supply. These phases lay the groundwork for a potential accumulation or distribution phase. Phase B (B, AR, Creek, LPS, UT): In Phase B, B and Automatic Rally (AR)...

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1. Immediate Key Price Levels Primary Resistance (2,790.115): This is the near-term resistance level to watch. Price approaching this area without breaking it could signal a potential short setup. If broken with strength, this level may act as new support. Point of Control - POC (2,782.227): This level is today's pivot point due to high trading volume in this...

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1. Elliott Wave Structure Overview Wave 1 to Wave 5 (Impulse Waves): The chart outlines a classic five-wave impulse structure, indicating a long-term uptrend for XAU/USD. This sequence suggests a series of strong moves up, with each wave climbing to higher price levels. Wave 5 Completion: The fifth wave appears to have reached its final stages, potentially...

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1. Elliott Wave Structure and Key Levels Wave 5 Completion (2,747.14): The fifth wave peaks around $2,747.14, reaching a 1.618 extension, suggesting this could be a point of reversal. The formation of volume divergence at this level indicates potential weakness in bullish momentum, marking a critical level to watch for a possible trend change. Wave 1 (Current...

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1. Elliott Wave Structure and Key Levels Wave 5 Completion (2,747.14): The fifth wave peaks around $2,747.14, reaching a 1.618 extension, suggesting this could be a point of reversal. The formation of volume divergence at this level indicates potential weakness in bullish momentum, marking a critical level to watch for a possible trend change. Wave 1 (Current...

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1. Elliott Wave Analysis Wave 5 Completion at 1.618 Extension (2,747.14): The chart shows Wave 5 peaking at $2,747.14, corresponding to a 1.618 Fibonacci extension. This level is typically a significant reversal point, suggesting potential for a corrective move downwards. ABC Corrective Pattern Projection: After the completion of Wave 5, an A-B-C correction is...

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1. Harmonic Patterns (Likely Bat or Gartley) The marked points labeled "A", "B", "C", and "D" form a harmonic pattern. Harmonic patterns use Fibonacci retracement levels, often aiming for precision with levels like 0.618, 0.786, and 1.618. The Fibonacci retracement values are visible on the chart (e.g., 0.618 and 0.786), indicating key levels where price is...

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High-Level Observations and Zones Dealing Range (12M-3M) and PMH: This range, marked at the top, represents a high timeframe dealing range and a recent swing high (PMH). The upper boundary, around 2,790, coincides with the inducement wave, suggesting that a strong resistance or potential reversal point could be located near this level if the price reaches...

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1. Wave Analysis and Elliott Wave Structure The chart follows an Elliott Wave structure, identifying five distinct waves of a downtrend (Wave 1 to Wave 5) followed by a corrective pattern. Notable Wave Points: Wave 5 is projected to potentially end near the 1.618 Fibonacci extension level around 2,843.46, which often marks a strong potential reversal...

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1. Wyckoff Phases and Structural Analysis The chart is divided into classic Wyckoff Phases—Phase A, Phase B, Phase C, and Phase D—suggesting a potential accumulation or reaccumulation pattern. Phase A - Reaccumulation: Early stage where preliminary support (PSY) and automatic reaction (AR) are identified, hinting at the beginning of a potential reaccumulation...