GNO/USD Price Action Aligns for Final Wave 5 Push

GNO/USD pair is unfolding a clean Elliott Wave impulse pattern on the 4-hour chart. The rally began with Wave (1) reaching 113.50, followed by a corrective Wave (2) that bottomed near 105.28. This set the stage for a powerful Wave (3) that surged to 156.59, aligning well with Elliott Wave theory where Wave 3 is typically the strongest and steepest leg in the sequence.

Wave (4) is now in progress, taking the form of an A-B-C correction inside a descending channel. Interim support was found at 138.95 during Wave A, and Wave C could extend toward the 0.382 Fibonacci retracement level at 136.79 or the deeper support zone near 129.5. These levels are crucial, as they often mark the end of a corrective phase and the beginning of the next impulse. A confirmed breakout above 147.4 would signal the start of Wave (5) and the return of bullish momentum.

Short-term targets have the potential to reach 135 – 128, while 125.22 remains the invalidation level for this bullish setup. After the completion of Wave (4), traders can look for long opportunities targeting 147 – 154 – 172. As long as the structure holds and price respects key supports, the outlook remains favorable for a fresh push higher in Wave (5).