XAU/USD 1H Timeframe Analysis: September 26, 2024
Key Elements in the Analysis
Wyckoff Distribution: The chart follows a Wyckoff Distribution schematic, with clear delineation between Phase A, Phase B, and Phase C.
Elliot Wave Count: Multiple wave structures are mapped, detailing the various impulse and corrective waves (labelled from (i), (ii), (iii), (iv), (v)).
Volume Profile: The Volume Profile on the left indicates key areas where significant trading volume occurred, helping to define areas of support and resistance.
Support and Resistance Lines: Clear support and resistance levels are plotted based on the Wyckoff phases and Fibonacci retracement levels.
Fibonacci Retracement: Multiple Fibonacci levels (0.618, 0.786, 0.382) are used to highlight critical retracement zones that could act as potential reversal areas.
Points of Control (POC): The Point of Control is marked at 2,628.465, showing where the most volume has been traded, and likely representing a significant price magnet or resistance zone.
Value Area Low (VAL): 2,582.223 and below marks the Value Area Low (VAL), a region where price might find support after a possible bearish move.
Phase Breakdown in Wyckoff Distribution
Phase A: Preliminary Supply (PSY), Buying Climax (BC), Automatic Reaction (AR), Secondary Test (ST)
Wyckoff Distribution: The chart follows a Wyckoff Distribution schematic, with clear delineation between Phase A, Phase B, and Phase C.
Elliot Wave Count: Multiple wave structures are mapped, detailing the various impulse and corrective waves (labelled from (i), (ii), (iii), (iv), (v)).
Volume Profile: The Volume Profile on the left indicates key areas where significant trading volume occurred, helping to define areas of support and resistance.
Support and Resistance Lines: Clear support and resistance levels are plotted based on the Wyckoff phases and Fibonacci retracement levels.
Fibonacci Retracement: Multiple Fibonacci levels (0.618, 0.786, 0.382) are used to highlight critical retracement zones that could act as potential reversal areas.
Points of Control (POC): The Point of Control is marked at 2,628.465, showing where the most volume has been traded, and likely representing a significant price magnet or resistance zone.
Value Area Low (VAL): 2,582.223 and below marks the Value Area Low (VAL), a region where price might find support after a possible bearish move.
Phase Breakdown in Wyckoff Distribution
Phase A: Preliminary Supply (PSY), Buying Climax (BC), Automatic Reaction (AR), Secondary Test (ST)
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