Waveanalyis
XAUUSD Wave Count UpdatePrice broke lower than the low of 3rd May and suggesting 5 waves down move from peak of $2070 is taking place. Price might extend much lower before a bigger pullback to happen. For now, price suggested 5 waves down from peak of $1909 is completed and 3 waves bounce is expected to happen and 4hr movement will decide if price will break lower again or making a bigger pullback.
XAUUSD WXY Correction UpdatePrice went to make a short term high above $1903 in 3 waves and a quick sell off in 5 waves happened from there. A possible flat correction structure which now bouncing off 50% fib from the low of $1850. Anticipating price to climb in another 3 swings to complete this WXY Corrective Wave.
XAUUSD WXY CorrectionAn update for this WXY Corrective Wave from peak of $1998, looks like price made lower low than wave ((A)) after a climb in 3 waves. Only plausible structure here is a Flat Correction since wave (A)(red) did not reach 38.% fib retracement of the decline from $1988 peak. Expanded Flat Correction most common area to end for wave (C) is 50% of the previous move which comes around $1926.
XAUUSD WXY Correction5 waves decline from peak of $1998 suggested to end at the low of $1881 to make as wave (A) of (Y). We will see a 3 waves pullback at least. It could be in any correction form of Flat correction, simple zigzag ABC and Triangle to make wave (B) of (Y) before further decline towards minimum $1818.