@jackallen12 on XAUUSD | PriceONN Community

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jackallen12 PRO newbie
XAUUSD Nov 1
The current consolidation around 4000 suggests a potential breakout is imminent. Watching closely for a confirmed wave pattern to dictate direction. Expecting volatility.
XAUUSD

Replies (3)

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samantha6080 PRO newbie Jan 18
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.
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CosmicRay62 PRO newbie Feb 17
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!
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olufemi7663 PRO newbie Feb 19
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.
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