Gold (XAUUSD) – Wave 4 Correction Incoming? Watch the Wedge 🧠
Price may be completing wave 3/4 of a larger impulsive Elliott Wave structure. Internally, subwaves (i)-(v) seem to be forming a broadening wedge, possibly signaling exhaustion after a strong uptrend on the daily timeframe.
I’m watching for a corrective wave 4 pullback into one of the two key zones:
First buy zone near 3040–3080
Deeper buy zone near 2920–2960
Both are potential entries for the final wave 5 leg, targeting new ATH.
Invalidation below 2809.64
Price may be completing wave 3/4 of a larger impulsive Elliott Wave structure. Internally, subwaves (i)-(v) seem to be forming a broadening wedge, possibly signaling exhaustion after a strong uptrend on the daily timeframe.
I’m watching for a corrective wave 4 pullback into one of the two key zones:
First buy zone near 3040–3080
Deeper buy zone near 2920–2960
Both are potential entries for the final wave 5 leg, targeting new ATH.
Invalidation below 2809.64
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.