XAUUSD ✅ We’ve most likely completed our (Circle) Wave ⑤, and are now entering the first corrective wave of an ABC pattern (marked in 🟡 yellow brackets).
🔹 The (A) wave unfolded as a clean white ABC correction – textbook structure, worked out perfectly.
🔹 From (A) to (B) we saw an impulsive move (likely a 1-2-3-4-5, though not labeled).
🔻 From (B), a strong bearish move broke right through our 🔴 ascending trendline, signaling a potential trend reversal.
👉 We’ve likely completed wave 1 of the new downtrend and are now in a corrective move upward, forming yellow wave 2:
🟡 (A) – (B) – (C), with the (B) once again forming an internal ABC structure.
🎯 We’re now watching for the completion of wave C – this will complete yellow wave 2.
📐 The target zone (TP) lies in the yellow Fibonacci retracement area, with a key level at the 78.6% retracement (marked in white).
🛑 Stop Loss should be placed above the 4-month zone, or just above wave (B).
📊 The Take Profit will be more precise once the top of wave C is confirmed – but expect it to align closely with the 🔵 Fibonacci extension zone.
Trade active
Trade closed: target reached
Opened another position sl 3436Note
We can now count the first 1-2-3 in minor time frames. Looking for a clean fourth and five wave to hopefully get a 12345 setup in the wave 2 to 3 Note
If you want to follow my next counts -> 
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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.