XAUUSD: ABC Correction Structure Targets $2450
Looking at the updated Elliott Wave analysis of Gold (XAUUSD), we can observe a clear ABC corrective structure:
Wave A completed a 5-wave decline from the highs
Wave B formed as a corrective rally, reaching around $2720
Wave C is now in progress, developing as a 5-wave impulse structure downward
Currently in Wave C:
Wave (i) has completed and Wave (ii) is nearing completion.
Wave (iii) appears to be developing, showing the characteristic strong momentum of a third wave
Expecting wave (iv) to form a small corrective bounce
Final wave (v) should complete the entire ABC structure
Key Levels:
Wave B high: ~$2720 (invalidation level)
Current price: Testing key support levels
Target for Wave C completion: ~$2450
The parallel channel formation helps guide the price action and suggests the bearish momentum could continue until reaching our target zone. Traders should note that completion of this ABC structure could lead to a significant reversal.
Wave A completed a 5-wave decline from the highs
Wave B formed as a corrective rally, reaching around $2720
Wave C is now in progress, developing as a 5-wave impulse structure downward
Currently in Wave C:
Wave (i) has completed and Wave (ii) is nearing completion.
Wave (iii) appears to be developing, showing the characteristic strong momentum of a third wave
Expecting wave (iv) to form a small corrective bounce
Final wave (v) should complete the entire ABC structure
Key Levels:
Wave B high: ~$2720 (invalidation level)
Current price: Testing key support levels
Target for Wave C completion: ~$2450
The parallel channel formation helps guide the price action and suggests the bearish momentum could continue until reaching our target zone. Traders should note that completion of this ABC structure could lead to a significant reversal.
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