XAU/USD has completed a classic five-wave impulsive structure to the upside, followed by a clear ABC corrective phase. The price action shows that wave (5) has topped, and the market has since retraced through a three-wave ABC correction inside a well-defined descending channel.
Currently, wave C appears to have found support right at the lower trendline of the broader ascending structure, signaling a potential completion of the correction and the beginning of a new bullish impulse.
The reaction from this level is strong, suggesting that buyers are stepping in to drive the next leg higher
Wave Count: 5-wave impulse up, followed by ABC correction
Structure: Wave C completed at key channel support
Momentum: Bullish recovery expected if price holds above recent swing low
T1: 3332.268
T2: 3354.078
SL: 3289.400
Currently, wave C appears to have found support right at the lower trendline of the broader ascending structure, signaling a potential completion of the correction and the beginning of a new bullish impulse.
The reaction from this level is strong, suggesting that buyers are stepping in to drive the next leg higher
Wave Count: 5-wave impulse up, followed by ABC correction
Structure: Wave C completed at key channel support
Momentum: Bullish recovery expected if price holds above recent swing low
T1: 3332.268
T2: 3354.078
SL: 3289.400
Trade closed: target reached
BOTH TARGETS ARE REACHED
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We're about to hit 2,000 followers on TradingView! 🚀
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
Related publications
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.