Hey traders! Just wanted to share this clean Elliott Wave setup I’m tracking on Gold (XAU/USD).
We’ve just completed what looks like a textbook Wave (4) correction, finding support right at the lower boundary of this long-term ascending channel. Price also respected the 38.2% Fibonacci retracement perfectly, lining up around the $3,090 level. That level is acting as a key demand zone right now.
🌀 According to the wave count:
Wave (3) topped out near $3,500
Wave (4) retraced sharply into the channel base
We are now potentially at the launch point for Wave (5) — the final impulse leg
💹 Wave (5) Projection:
Targeting the upper channel boundary, which aligns closely with $3,740–$3,750
This area also completes the measured move and matches key structural confluence
📈 Technical Confluence Supporting the Bullish Bias:
RSI bounced cleanly from oversold territory
Bullish EMA crossover (20/50) is happening right near the bounce zone
We’re also seeing a break of the corrective trend line, suggesting momentum is shifting back in favor of the bulls
📍 Key Levels to Watch:
$3,149: minor pullback area / possible retest
$3,283: Fib 23.6% resistance — needs to be cleared for confirmation
$3,500: Major resistance & previous high — breakout zone
$3,747: Wave 5 target
⚠️ Invalidation Zone:
If price breaks below $3,090, and especially $3,041, I’ll be reassessing the wave count. That would suggest a deeper Wave 4 or a breakdown in bullish structure.
📌 Conclusion:
I’m watching this setup closely. Gold looks poised for a strong upside leg if current levels hold. The structure is clean, momentum is turning, and we’ve got multiple confirmations in place. I’ll be scaling in with proper risk management and looking to ride this potential Wave 5 to new highs.
Drop your thoughts below — are you long on Gold? Let’s talk setups 👇
WrightWayInvestments
WrightWayInvestments
WrightWayInvestments
We’ve just completed what looks like a textbook Wave (4) correction, finding support right at the lower boundary of this long-term ascending channel. Price also respected the 38.2% Fibonacci retracement perfectly, lining up around the $3,090 level. That level is acting as a key demand zone right now.
🌀 According to the wave count:
Wave (3) topped out near $3,500
Wave (4) retraced sharply into the channel base
We are now potentially at the launch point for Wave (5) — the final impulse leg
💹 Wave (5) Projection:
Targeting the upper channel boundary, which aligns closely with $3,740–$3,750
This area also completes the measured move and matches key structural confluence
📈 Technical Confluence Supporting the Bullish Bias:
RSI bounced cleanly from oversold territory
Bullish EMA crossover (20/50) is happening right near the bounce zone
We’re also seeing a break of the corrective trend line, suggesting momentum is shifting back in favor of the bulls
📍 Key Levels to Watch:
$3,149: minor pullback area / possible retest
$3,283: Fib 23.6% resistance — needs to be cleared for confirmation
$3,500: Major resistance & previous high — breakout zone
$3,747: Wave 5 target
⚠️ Invalidation Zone:
If price breaks below $3,090, and especially $3,041, I’ll be reassessing the wave count. That would suggest a deeper Wave 4 or a breakdown in bullish structure.
📌 Conclusion:
I’m watching this setup closely. Gold looks poised for a strong upside leg if current levels hold. The structure is clean, momentum is turning, and we’ve got multiple confirmations in place. I’ll be scaling in with proper risk management and looking to ride this potential Wave 5 to new highs.
Drop your thoughts below — are you long on Gold? Let’s talk setups 👇
WrightWayInvestments
WrightWayInvestments
WrightWayInvestments
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