This chart represents a detailed Elliott Wave analysis for Gold

This chart represents a detailed Elliott Wave analysis for Gold (XAUUSD) in a 1-hour timeframe. Here's the explanation:

Elliott Wave Progression:

The chart shows waves labeled as (i), (ii), (iii), (iv), and (v) for a larger impulsive move down.
Following the completion of wave (v), a corrective structure (marked with W, X, Y, Z) appears, indicating a complex corrective wave.
Corrective Wave Structure:

The corrective wave appears to form a double or triple zigzag pattern (W-X-Y-(Z)).
The orange trendlines illustrate a wedge or channel pattern, suggesting consolidation or exhaustion in the corrective phase.
Current Status:

The blue circle marks the point of interest where the price breaks out or rejects the wedge pattern.
This could indicate the end of the corrective phase and the beginning of the next impulsive move.
Future Projections:

The red arrow pointing downward suggests continuing the decline to complete wave (c).
Key Fibonacci retracement levels (0.618 and 0.786) are marked at $2,551.15 and $2,527.49, respectively, as potential support zones.
The highlighted yellow area serves as a strong demand zone, potentially signaling where the price may reverse after completing the correction.
Long-Term Expectation:

After completing wave (c) near the demand zone, the upward red arrow suggests a significant bullish move. This aligns with Elliott Wave theory, where a strong impulsive wave follows a corrective wave.
Key Levels:

Resistance: Near the upper boundary of the corrective wedge/channel.
Support: Fibonacci retracement levels and the highlighted yellow zone.