Timeframe: 2h
The 2h of Gold (XAU/USD) shows a clear five-wave impulsive structure starting from the low of 2956.5. Waves (1) and (2) are completed at 3022.76 and 2969.97 respectively, followed by a strong bullish rally that completed Wave (3) at 3245.845. This rally includes a full internal five-wave structure, confirming the impulsive nature. A corrective Wave (4) is now in progress, with potential downside targets around 3181.16 (1.0 fib), 3148.89 (1.618 extension), and 3140.75 (38.2% retracement), where buyers may look to re-enter.
If the price finds support in the 3140–3150 zone and forms a reversal, Wave (5) is expected to unfold, targeting levels above 3260. This would confirm the continuation of the broader uptrend.
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Nice chart! keep sharing your analysis
Love the way you spotted that corrective wave!