Gold continues to respect the broader Elliott Wave structure, with the current move still looking corrective rather than impulsive.
The larger correction is unfolding as an ABC structure, with wave C developing as a 5-wave sequence. At this stage, price appears to be in wave 4, and we are expecting one final move higher into the marked sell zone to complete that correction. The chart maps out the expected path of wave C.
Once wave 4 is complete, we can then look for a trendline break as confirmation for entry into wave 5 lower.
The key focus now is the completion of wave 4. If price pushes into the sell zone and the structure finishes as expected, the next major move should be wave 5 to the downside, in line with the higher-timeframe bearish trend.
This is the area we’ll be watching closely for bearish confirmation and continuation lower.
Trade Idea:
Entry: Rejection from the sell zone followed by a trendline break
Stops: Above the post-rejection high / above the break structure
Targets:
TP1: 4100 (6000pips)
TP2: 3800 (10,000pips)
Optional runner: Keep a portion open in case wave 5 extends further
Goodluck and as always, trade safe!