Chart Overview:
Gold (XAU/USD) is at a critical juncture. The recent action shows a completed three-wave correction, and price is now setting up for what could be a powerful motive wave. My primary scenario is a bullish move once the current structure matures, but I’m also tracking alternate counts—flat, triangle, and double zigzag—all of which still point to at least one more push higher.
Why This Count?
The leading diagonal (5-3-5-3-5 or 3-3-3-3-3) for wave 1 fits the textbook, with wave 4 overlapping wave 1—a classic Elliott Wave signature.
The three-wave correction appears complete, which often signals the start of a new impulsive sequence.
I’m watching for confirmation: a completed corrective pattern and a strong move off the lows.
What’s Next?
If the correction finishes and price holds above the wave 1 low, I’ll be looking for a long setup targeting the 100% or 1.618 extension of wave 1.
Invalidation is simple: if the wave 1 low breaks, the count is off and I’ll reassess.
I’ll wait for structure to complete before entering—patience is key.
Gold (XAU/USD) is at a critical juncture. The recent action shows a completed three-wave correction, and price is now setting up for what could be a powerful motive wave. My primary scenario is a bullish move once the current structure matures, but I’m also tracking alternate counts—flat, triangle, and double zigzag—all of which still point to at least one more push higher.
Why This Count?
The leading diagonal (5-3-5-3-5 or 3-3-3-3-3) for wave 1 fits the textbook, with wave 4 overlapping wave 1—a classic Elliott Wave signature.
The three-wave correction appears complete, which often signals the start of a new impulsive sequence.
I’m watching for confirmation: a completed corrective pattern and a strong move off the lows.
What’s Next?
If the correction finishes and price holds above the wave 1 low, I’ll be looking for a long setup targeting the 100% or 1.618 extension of wave 1.
Invalidation is simple: if the wave 1 low breaks, the count is off and I’ll reassess.
I’ll wait for structure to complete before entering—patience is key.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.