XAUUSD: Bullish Impulse Under Formation Already?

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The current XAUUSD structure hints to a bullish impulse consisting of primary waves ①-②-③-④-⑤.

 The first four parts of the 5-wave move look fully complete, whereas wave ⑤ is still under development.

 Wave ⑤ consists of intermediate impulse waves (1)-(2)-(3)-(4)-(5).

 Wave (2) could be ending its correction shortly, which suggests that bulls could continue to push the prices to at least the 1611.9 top.

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An alternative scenario here sees the current structure corrective with wave ④ incomplete. In this projection, wave ④ is a zigzag and could be completed near 1521.6.

The estimated target is the 61.8% Fibonacci expansion of intermediate wave (A).

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