XAUUSD Feb 16 : Correction for Bullish ContinuationMarket Analysis:
Price is currently moving within a well-defined Bullish Parallel Channel, consistently printing Higher Highs and Higher Lows, indicating strong bullish momentum.
Recently, price rejected the upper resistance and is now in a corrective phase (pullback). This correction offers a potential opportunity to join the major trend at a better price.
The Strategy (Long Bias):
I am waiting for a deeper pullback into the Value Area before looking for long positions.
Key Support Zones (Buy Zones):
Intermediate Support: 5015 - 5020 (Previous resistance turned support).
Major Support (Confluence): 4990 - 5000. This is the optimal entry zone where:
Horizontal Key Level aligns.
The Lower Channel Boundary provides dynamic support.
Targets:
TP1: 5050 (Recent Highs / Mid-Channel).
TP2: 5100 (Upper Channel Projection).
Execution Plan:
I will wait for Price Action Confirmation (e.g., Bullish Engulfing, Hammer, or structure shift in lower TF) upon testing these support zones to confirm buyer interest before entering.
"Patience pays. Wait for the dip."
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