XAUUSD Elliot Wave Forecast - Wave 2The chart illustrates a regular flat within the longer term correction which consists of a 3-3-5 wave sequence (A,B,C). Currently unfolding is the subdivision of Wave C which began from the November high of 1877.14.
Wave 2 is typically 38.2%, 50%, 61.8%, 76.4%, or 85.4% of wave 1.
Sustained pressure saw an eventual break of the resistance at the 0.618 fib level before halting at the 76.4% level. The pull back could extend further to the 85.4% towards 1859 before resuming the final stages of the correction. On the contrary, wave 2 is now potentially complete.
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BeyondEdge
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