Weekly Elliott Wave Count for XAUUSD
Primary Wave Count: The chart indicates we are in Wave 3 of a larger impulsive structure, with a potential pullback forming Wave 4 before the final push to complete Wave 5.
Key Levels: Wave 4's main support zone aligns with the 2412–2471 range, where buyers are likely to step in for the next upward leg.
Invalidation Point: The ongoing 4th corrective wave would be invalidated if prices rise above the 2721 level, indicating the structure is transitioning into an alternative wave scenario.
Wave 5 Target: Wave 5 is projected to extend towards the 2935-3000 region, completing the current cycle with a likely divergence in momentum indicators.
Momentum Confirmation: RSI divergence at Wave 3’s peak supports the corrective pullback scenario, while maintaining bullish momentum for the final impulsive wave.
Key Levels: Wave 4's main support zone aligns with the 2412–2471 range, where buyers are likely to step in for the next upward leg.
Invalidation Point: The ongoing 4th corrective wave would be invalidated if prices rise above the 2721 level, indicating the structure is transitioning into an alternative wave scenario.
Wave 5 Target: Wave 5 is projected to extend towards the 2935-3000 region, completing the current cycle with a likely divergence in momentum indicators.
Momentum Confirmation: RSI divergence at Wave 3’s peak supports the corrective pullback scenario, while maintaining bullish momentum for the final impulsive wave.
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