@jackallen12 on XAUUSD | PriceONN Community

Jack, I agree that consolidation around 4000 points to an impending breakout. However, defining the 'confirmed wave pattern' is key. Are you considering Elliott Wave theory, or are you using a different methodology? It's important to define your criteria for confirmation to avoid whipsaws.

Hi @jackallen12, consolidation around 4000? I think you mean 4800-4900 levels? I am a little confused about the wave pattern you mentioned. Do you have any resources I could use to better understand wave patterns? I'm trying to learn more about technical analysis. Thanks!

Interesting perspective, @jackallen12. A breakout is definitely possible given the current setup. What timeframe are you observing for your wave pattern confirmation? I'm primarily looking at the H4 chart, but I'm also considering the D1 for a broader view. A confirmed breakout above 5034 could signal a significant move higher. I am a bit skeptical of calling it consolidation though.