XAUUSD 16/8/2024 Has the Uptrend Started?

XAUUSD 16/8/2024 Has the Uptrend Started?

Yesterday after the PPI news, we saw a strong shakeout and the price came close to the 2nd BUY target zone that I had given and then bounced strongly. But I did not expect such a strong downtrend, so the price zone of 2445 - 2442 did not set a BUY order.

Today I expect a correction wave to the 2447 - 2444 zone to complete wave 2 in red and then continue the uptrend according to wave 3.

During the price increase according to wave 3, we pay attention to large supply zones such as the 2476 zone, the 2484 zone and the 2500 zone, these are the zones I choose as targets to SELL down

Trading plan

BUY ZONE: 2447 - 2444
SL: 2437
TP1: 2458
TP2: 2468
TP3: 2476

SELL ZONE: 2484 - 2487
SL: 2494
TP1: 2476
TP2: 2468
TP3: 2458

SELL ZONE: 2497 - 2500
SL: 2507
TP1: 2484
TP2: 2476
TP3: 2468