XAUUSD: Five Wave Decline in Progress - Target $2535
The internal structure shows smaller degree waves labeled as (i), (ii), (iii), (iv), and (v), particularly visible in waves (3) and (5). The parallel channel lines helped identify the trend direction and potential support/resistance levels.
The projected target for wave (5) completion appears to be around the 2,535-2,550 zone, where we might expect some support and potentially a larger degree bounce.
Key levels to watch:
Previous high: 2,721
Current invalidation level: ~2,649
Target support zone: 2,535-2,550
Traders should be cautious as wave (5) completions often lead to sharp reversals, especially in gold markets. The completion of this 5-wave structure could lead to a significant corrective bounce.
The projected target for wave (5) completion appears to be around the 2,535-2,550 zone, where we might expect some support and potentially a larger degree bounce.
Key levels to watch:
Previous high: 2,721
Current invalidation level: ~2,649
Target support zone: 2,535-2,550
Traders should be cautious as wave (5) completions often lead to sharp reversals, especially in gold markets. The completion of this 5-wave structure could lead to a significant corrective bounce.
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