Momentum
• D1 timeframe: Momentum is preparing to turn bullish. The current decline has lasted for 5 daily candles – this is often the usual number that completes wave D. Therefore, the current stage is sensitive, and price could reverse upward at any time. However, during such periods, price often sweeps liquidity to the downside first, so caution is required.
• H4 timeframe: Momentum is still bearish, suggesting that price may continue falling on Monday. That said, a reversal to the upside on Monday is also possible.
• H1 timeframe: Momentum is already in the oversold zone, with the lines sticking together. If price continues to fall at the Asian session open, a gap may appear. In that case, pay close attention to the downside target zones.
Wave Structure
• D1 timeframe: On the daily chart, we can see a completed abcde corrective structure, followed by a strong rally. The current move is a decline, likely forming waves 1 and 2 (green) within the 5-wave structure of the larger wave 5. The latest D1 candle shows a long upper wick, indicating that selling pressure still remains.
• H4 timeframe: A 5-wave impulse (12345, black) has formed, which could represent wave 1 (green). Afterward, a 3-wave ABC correction (purple) developed. The market is likely within wave C (purple) at the moment. With H4 momentum still bearish, this supports the scenario that wave C (purple) is continuing. Key downside targets to watch: 3322 and 3298.
• H1 timeframe: Within wave C (purple), a 5-wave impulse (12345, black) is unfolding. The market is currently in the late stage of wave 4 and the start of wave 5. Wave 5 will be confirmed if price breaks below 3331. Key downside targets for wave 5:
o Target 1: 3322
o Target 2: 3315
o Target 3: 3299
Trading Plan
• Scenario 1:
o Buy Zone: 3323 – 3321
o SL: 3312
o TP1: 3333
o TP2: 3350
o TP3: 3381
• Scenario 2:
o Buy Zone: 3300 – 3298
o SL: 3290
o TP1: 3333
o TP2: 3350
o TP3: 3381
Trade active
Elliott Wave Update XAUUSD – 18/8/2025Momentum
• D1 timeframe: Momentum is rising → potential for an uptrend this week. A bullish D1 close today would confirm the reversal.
• H4 timeframe: Momentum is also rising → likely continuation of the bullish move today.
• H1 timeframe: Currently in the overbought zone and preparing to reverse → expecting a short-term pullback to look for entry opportunities.
Wave Structure
• Price has approached the 3322 level, which aligns with the 0.382 Fibonacci retracement.
• H4 momentum has turned up + strong bullish H1 candle → high probability that black wave 5 has completed.
• The current upward move is developing a new 5-wave structure (12345 in red). Within this structure:
o Red wave 1 is unfolding.
o Since H1 is overbought, we expect red wave 1 to finish soon, followed by a corrective pullback forming red wave 2.
• Target zone for wave 2: 3335 – 3333.
Trading Plan
• Buy Zone: 3335 – 3333
• Stop Loss (SL): 3325
• Take Profit (TP):
o TP1: 3348
o TP2: 3362
o TP3: 3381
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Disclaimer
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.