The chart you’ve shared is a **2-hour Gold Spot (XAUUSD) analysis** using **Elliott Wave Theory**. Here's a clear breakdown of what’s happening:
---
### 🧠 **Technical Summary:**
* **Larger Structure:** The chart shows a 5-wave Elliott Wave sequence. Waves (1) to (4) have already completed.
* **Current Situation:** The market is likely in a subwave structure of wave (5), with a small 5-wave formation labeled in **red** within the final wave (5).
* **Trend Channel:** The price broke out of the descending channel formed between waves (3) and (4), signaling a bullish breakout.
* **Pullback Zone:** A minor correction is expected before the final push upward, targeting the **\$3,650–\$3,700** area.
---
### 🔍 **Key Observations:**
* 📉 **Corrective Wave Complete:** The drop from (3) to (4) formed a falling wedge/channel — typical in wave 4 corrections.
* 📈 **Impulse Wave Starting:** A new 5-wave upward impulse appears to be forming within wave (5).
* 🧱 **Demand Zone Highlighted:** A retracement into the support zone (\~\$3,250–\$3,270) is anticipated before a rally.
* 🎯 **Target Zone:** The final wave (5) is projected to hit between **\$3,650–\$3,700**, marked by the green target box.
---
### 📌 **Outlook:**
* ✅ **Bullish Bias:** Long-term wave structure favors more upside.
* ⚠️ **Short-term Dip Possible:** A drop toward the demand zone is expected before further rally.
* 🕰️ **Timing:** Expect the final wave (5) to complete by early June, based on current structure.
---
### ⚠️ **Disclaimer:**
This analysis is for educational purposes only. Always manage risk properly and consult your own analysis or financial advisor before trading.
Let me know if you'd like a trading plan or want this chart translated into a Pine Script/EA.
---
### 🧠 **Technical Summary:**
* **Larger Structure:** The chart shows a 5-wave Elliott Wave sequence. Waves (1) to (4) have already completed.
* **Current Situation:** The market is likely in a subwave structure of wave (5), with a small 5-wave formation labeled in **red** within the final wave (5).
* **Trend Channel:** The price broke out of the descending channel formed between waves (3) and (4), signaling a bullish breakout.
* **Pullback Zone:** A minor correction is expected before the final push upward, targeting the **\$3,650–\$3,700** area.
---
### 🔍 **Key Observations:**
* 📉 **Corrective Wave Complete:** The drop from (3) to (4) formed a falling wedge/channel — typical in wave 4 corrections.
* 📈 **Impulse Wave Starting:** A new 5-wave upward impulse appears to be forming within wave (5).
* 🧱 **Demand Zone Highlighted:** A retracement into the support zone (\~\$3,250–\$3,270) is anticipated before a rally.
* 🎯 **Target Zone:** The final wave (5) is projected to hit between **\$3,650–\$3,700**, marked by the green target box.
---
### 📌 **Outlook:**
* ✅ **Bullish Bias:** Long-term wave structure favors more upside.
* ⚠️ **Short-term Dip Possible:** A drop toward the demand zone is expected before further rally.
* 🕰️ **Timing:** Expect the final wave (5) to complete by early June, based on current structure.
---
### ⚠️ **Disclaimer:**
This analysis is for educational purposes only. Always manage risk properly and consult your own analysis or financial advisor before trading.
Let me know if you'd like a trading plan or want this chart translated into a Pine Script/EA.
Trade active
happening as we predicted
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.
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.