omar_elliot

omar_elliot

### Chart Overview: The chart illustrates price action for gold (XAU/USD) on the **hourly time frame**. Key technical features such as **Higher Highs (HH)**, **Higher Lows (HL)**, and **Lower Lows (LL)** have been marked, with price movement forming a clear channel. ### Key Elements in the Chart: 1. **Channel Formation**: - The price is moving within a...

omar_elliot

Here’s a detailed analysis of the Elliott Wave chart you provided, with color-coded explanations based on different time frames: - **Red Waves (Weekly Time Frame)**: These represent the major waves on the weekly chart. The red color is used to signify long-term movements. In the chart, wave (1) is clearly marked after completing five smaller waves, and wave (3)...