Quinn901的OANDA:XAUUSD的Gold XAUUSD | SELL After Elliot's 5-Wave

Gold XAUUSD | SELL After Elliot's 5-Wave

Wave Analysis:
Wave 1 (Initial Upswing):

Price moved from 2661 to 2723, marking the start of the bullish trend.
This wave is typically smaller as the market begins to establish direction.

Wave 2 (Correction):
A corrective pullback, retracing part of Wave 1.
Price moved down but respected the Fibonacci retracement zone (likely between 50% and 61.8%).

Wave 3 (Strong Upswing):
The strongest and most extended wave, moving from 2695 to 2759.
This wave aligns with higher momentum, reflecting a surge in bullish sentiment.

Wave 4 (Consolidation):
A sideways or shallow pullback, correcting Wave 3.
This wave is less aggressive than Wave 2, often reflecting profit-taking and market indecision.

Wave 5 (Final Push):
The last leg of the upward impulse, with prices rising from 2743 to 2786.
Momentum begins to weaken, and divergences on indicators like RSI or MACD might appear, suggesting exhaustion of the trend.

Current Market Outlook:
Trend Exhaustion:
The completion of Wave 5 at 2786 suggests that the bullish trend is nearing its end. The possibility of a trend reversal or a corrective move downward is high.

Potential Correction:
After the completion of the impulsive wave, an A-B-C corrective structure is likely to unfold.

Wave A could lead to an initial sell-off.
Wave B might be a temporary rebound or retracement.
Wave C would finalize the correction, potentially testing the 2661 level (Wave 1 origin).
Key Support Levels:

2743 (Wave 5 origin): The first major support.
2695 (Wave 3 origin): The second support level to watch for.
2661: A full retracement target if the correction deepens.
Resistance:

2786 (Wave 5 high) remains the key resistance level. A break above this might indicate an extension of the bullish trend.

Trading Signal:
Sell Entry: Upon confirmation of a break below 2743.

Targets:
First Target: 2710 (Wave 4 area).
Second Target: 2695 (Wave 3 origin).
Third Target: 2661 (Wave 1 origin).
Stop-Loss: Above 2786 to avoid risk from a potential upward extension.

Alternate Scenario:
If prices break and sustain above 2786, it could indicate the continuation of the bullish trend. Look for further upside toward 2800–2820.

Conclusion:
Gold appears to have completed its five-wave impulsive structure. The next likely scenario is a corrective A-B-C wave formation or a trend reversal. Monitor key levels and confirmation signals before executing trades.

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