📈 GOLD (XAU/USD) - Bullish Wave 4 Retracement in Progress 💥
15-Minute Chart | Elliott Wave | AO Convergence | Bullish Reversal
🔍 Market Context:
Gold has completed a clear 5-wave impulsive move down from the 3228.75 resistance zone. Based on Elliott Wave Theory, we are now seeing the beginning of Wave 4, a corrective retracement before a potential Wave 5 continuation lower.
🧠 Technical Breakdown:
✅ Wave Count:
Wave 3 completed with strong bearish momentum, ending in a classic 5-subwave structure.
We're now seeing a bullish engulfing candle at the termination of Wave 3, signaling a potential Wave 4 correction.
Price is currently showing strength to the upside, likely retracing to test the previous supply zone near 3,228.75.
✅ Awesome Oscillator (AO):
Notice the bullish divergence (or convergence) forming between Wave 1 and Wave 3 lows.
Momentum is waning, suggesting the sell-off is losing steam—an ideal condition for a Wave 4 bounce.
Histogram bars are beginning to flip green, indicating short-term bullish strength.
✅ Price Action Confirmation:
The bullish engulfing candle marks a potential reversal zone.
Wave (5) of 3 appears to be completed in the green box region, aligning with historical demand.
A breakout above the small pullback could accelerate the move toward the 3220–3228 area.
🎯 Trade Idea (Short-Term):
Bias: Bullish retracement (Wave 4)
Entry: On break of bullish engulfing high
Target: 3220 – 3228 zone (Fib or prior structure resistance)
Invalidation: Close below 3190 or break of bullish engulfing low
📢 What to Watch Next:
Monitor for bearish signals around 3228 to prepare for a potential Wave 5 drop.
If price stalls or forms bearish divergence near resistance, it may offer a high-probability short setup.
💬 Let me know in the comments if you're riding this retrace or waiting for Wave 5! Drop a 👍 if you like clean wave structure analysis!
#XAUUSD #GoldAnalysis #ElliottWave #Wave4 #AO #BullishEngulfing #TradingView #PriceAction #TechnicalAnalysis
15-Minute Chart | Elliott Wave | AO Convergence | Bullish Reversal
🔍 Market Context:
Gold has completed a clear 5-wave impulsive move down from the 3228.75 resistance zone. Based on Elliott Wave Theory, we are now seeing the beginning of Wave 4, a corrective retracement before a potential Wave 5 continuation lower.
🧠 Technical Breakdown:
✅ Wave Count:
Wave 3 completed with strong bearish momentum, ending in a classic 5-subwave structure.
We're now seeing a bullish engulfing candle at the termination of Wave 3, signaling a potential Wave 4 correction.
Price is currently showing strength to the upside, likely retracing to test the previous supply zone near 3,228.75.
✅ Awesome Oscillator (AO):
Notice the bullish divergence (or convergence) forming between Wave 1 and Wave 3 lows.
Momentum is waning, suggesting the sell-off is losing steam—an ideal condition for a Wave 4 bounce.
Histogram bars are beginning to flip green, indicating short-term bullish strength.
✅ Price Action Confirmation:
The bullish engulfing candle marks a potential reversal zone.
Wave (5) of 3 appears to be completed in the green box region, aligning with historical demand.
A breakout above the small pullback could accelerate the move toward the 3220–3228 area.
🎯 Trade Idea (Short-Term):
Bias: Bullish retracement (Wave 4)
Entry: On break of bullish engulfing high
Target: 3220 – 3228 zone (Fib or prior structure resistance)
Invalidation: Close below 3190 or break of bullish engulfing low
📢 What to Watch Next:
Monitor for bearish signals around 3228 to prepare for a potential Wave 5 drop.
If price stalls or forms bearish divergence near resistance, it may offer a high-probability short setup.
💬 Let me know in the comments if you're riding this retrace or waiting for Wave 5! Drop a 👍 if you like clean wave structure analysis!
#XAUUSD #GoldAnalysis #ElliottWave #Wave4 #AO #BullishEngulfing #TradingView #PriceAction #TechnicalAnalysis
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.
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.