XAUUSD - Correctional Wave C Before the Rise?- Overextended ATH of 2817 reached due to fundamentals and policy uncertainties.
- Weekly TF wave count seems like correctional wave (b) has ended, starting the move for wave (c).
-Start of Wave (c) which could potentially test golden fib ratio of 0.618 (approximately $2480) or if markets chooses to test 0.786 levels, prices could lower extend to the 2400 region.
- Once this is reached, next move to $3200-$3400 could be on the cards given the upward sloping trend line maintaining the clear bullish trend for the rest of this year.
- Another confluence would be reducing demand from ATH prices sparking heavier supplies at the top causing a sell off to reach target of wave (c).
Let me know your thoughts!