GNO/USD pair is unfolding a clean Elliott Wave impulse pattern on the 4-hour chart. The rally began with Wave (1) reaching 113.50, followed by a corrective Wave (2) that bottomed near 105.28. This set the stage for a powerful Wave (3) that surged to 156.59, aligning well with Elliott Wave theory where Wave 3 is typically the strongest and steepest leg in the sequence.
Wave (4) is now in progress, taking the form of an A-B-C correction inside a descending channel. Interim support was found at 138.95 during Wave A, and Wave C could extend toward the 0.382 Fibonacci retracement level at 136.79 or the deeper support zone near 129.5. These levels are crucial, as they often mark the end of a corrective phase and the beginning of the next impulse. A confirmed breakout above 147.4 would signal the start of Wave (5) and the return of bullish momentum.
Short-term targets have the potential to reach 135 – 128, while 125.22 remains the invalidation level for this bullish setup. After the completion of Wave (4), traders can look for long opportunities targeting 147 – 154 – 172. As long as the structure holds and price respects key supports, the outlook remains favorable for a fresh push higher in Wave (5).
Wave (4) is now in progress, taking the form of an A-B-C correction inside a descending channel. Interim support was found at 138.95 during Wave A, and Wave C could extend toward the 0.382 Fibonacci retracement level at 136.79 or the deeper support zone near 129.5. These levels are crucial, as they often mark the end of a corrective phase and the beginning of the next impulse. A confirmed breakout above 147.4 would signal the start of Wave (5) and the return of bullish momentum.
Short-term targets have the potential to reach 135 – 128, while 125.22 remains the invalidation level for this bullish setup. After the completion of Wave (4), traders can look for long opportunities targeting 147 – 154 – 172. As long as the structure holds and price respects key supports, the outlook remains favorable for a fresh push higher in Wave (5).
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.