XAUUSD We are currently in the final stages of the yellow (Circle) Wave 1 on Gold.
We have just completed wave 4.
How do I identify wave 4? Simple:
📏 I drew a trendline, and once that trendline was broken, the trend of wave 3 was considered complete.
However, we’ve now made a new low, which broke the low of wave 3 — this could very well be our wave A of wave 4 ⚠️.
I’m expecting one more final low, potentially around 3252, or even as low as 3200.
But personally, I lean towards ~3252 as the likely target 🎯.
After that, we should see a move upward into the yellow Fibonacci zone of wave 2 🟡.
The path from Circle 1 to Circle 2 will likely unfold as a corrective A-B-C structure to the upside 🔁.
Following that, we hopefully get a clean five-wave impulse into our (Circle) Wave 3 🚀.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.