Forex Trading Library

XAUUSD Bullish Cycle Incomplete

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The XAUUSD structure suggests an end to the bullish cycle in impulse wave V. This consists of primary sub-waves ①-②-③-④-⑤.

After the sideways correction in wave ④ ended, prices rose in wave ⑤. However, at the time of writing, it has completed only four parts of the 5-wave upside move

The final (5) wave in ⑤ is expected to complete the primary impulse fully near 1960. At that level, wave (5) will be at 100% of wave ③.

xauusd elliott

An alternative scenario suggests that the intermediate correction (4) of ⑤ is not yet complete.

It is expected to conclude its course with a sideways correction in wave (4), near 1803. At that level, prices will be at 38.2% of wave (3).

Following the completion of wave (4), we can expect gold to rise in wave (5).

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