The current XAUUSD structure suggests a cycle impulse V. It has so far completed its first four waves.
The market is currently forming a bullish impulse wave ⑤ of the primary degree. This consists of intermediate sub-waves (1)-(2)-(3)-(4)-(5).
At the time of writing, wave (4) has ended as a triangle. This is a signal for a bullish move in wave (5).
We can expect prices to extend up to 2172. At that level, wave (5) will be at 76.4% of intermediate impulse (3).
Alternatively, the ending triangle is part of the bullish impulse (3). This is shown as the 4th-minute degree wave. Therefore, the intermediate corrective wave (4) has just begun its formation.
In the near future, we could see a decline near 1932. This correction will be at 38.2% of intermediate wave (3).
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