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Gold (XAU/USD): Wave 4 Almost Done? Wave 5 May Be Next
Based on Elliott Wave analysis (Glenn Neely method), current price action on gold appears to be forming an Expanded Flat correction as Wave 4, with subwaves A-B-C now fully developed.
Wave A: 3204 → 3230 (strong rally)
Wave B: 3230 → 3212 (shallow retracement)
Wave C: 3212 → 3234 (ending diagonal + RSI divergence)
Key Resistance: 3234–3240
Key Support: 3204
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What to Watch Next:
Confirmation that Wave 5 has begun:
Price closes below 3204 on 15-min timeframe
RSI drops below 50
AO turns red with increasing momentum
EMA ribbon flips down
Invalidation:
If price closes above 3240 on strong volume → this wave count is invalid and likely transitioning to Wave 3 up.
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Strategy:
> Don’t short early — wait for confirmation of a breakdown below 3204.
Wave 5 targets could extend to 3172 – 3150 based on previous support zones and Fibonacci projections.
Stay sharp. The next impulse could be violent.
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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.
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.