XAUUSD Elliott Wave . Wave (5) Targeting $3,700 After Pullback!The chart you’ve shared is a **2-hour Gold Spot (XAUUSD) analysis** using **Elliott Wave Theory**. Here's a clear breakdown of what’s happening:
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### 🧠 **Technical Summary:**
* **Larger Structure:** The chart shows a 5-wave Elliott Wave sequence. Waves (1) to (4) have already completed.
* **Current Situation:** The market is likely in a subwave structure of wave (5), with a small 5-wave formation labeled in **red** within the final wave (5).
* **Trend Channel:** The price broke out of the descending channel formed between waves (3) and (4), signaling a bullish breakout.
* **Pullback Zone:** A minor correction is expected before the final push upward, targeting the **\$3,650–\$3,700** area.
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### 🔍 **Key Observations:**
* 📉 **Corrective Wave Complete:** The drop from (3) to (4) formed a falling wedge/channel — typical in wave 4 corrections.
* 📈 **Impulse Wave Starting:** A new 5-wave upward impulse appears to be forming within wave (5).
* 🧱 **Demand Zone Highlighted:** A retracement into the support zone (\~\$3,250–\$3,270) is anticipated before a rally.
* 🎯 **Target Zone:** The final wave (5) is projected to hit between **\$3,650–\$3,700**, marked by the green target box.
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### 📌 **Outlook:**
* ✅ **Bullish Bias:** Long-term wave structure favors more upside.
* ⚠️ **Short-term Dip Possible:** A drop toward the demand zone is expected before further rally.
* 🕰️ **Timing:** Expect the final wave (5) to complete by early June, based on current structure.
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### ⚠️ **Disclaimer:**
This analysis is for educational purposes only. Always manage risk properly and consult your own analysis or financial advisor before trading.
Let me know if you'd like a trading plan or want this chart translated into a Pine Script/EA.
