This XAUUSD 30-minute chart shows a clear Elliott Wave structure transitioning from a completed corrective phase into a potential bullish impulse. The market previously formed a corrective ABCDE pattern within a descending channel, indicating consolidation and accumulation. After completing wave C near a key support zone, price sharply impulsed upward, forming a strong wave 1. This impulsive move is followed by a controlled pullback, likely forming wave 2 or wave 4, retracing into a previous resistance-turned-support zone.
The highlighted blue zone represents a high-probability demand area where institutional buyers may re-enter. The structure suggests that once the correction completes, the next impulsive wave (wave 3 or 5) could drive price significantly higher toward the projected target near 4,930. Momentum and structure both support bullish continuation if the zone holds.
Entry Points:
Buy at the demand zone (around 4,830–4,835)
Wait for bullish confirmation (engulfing candle or strong rejection)
Stop Loss:
Below the structure low (around 4,798)
Take Profit:
First target: previous high near 4,880
Final target: projected wave 5 near 4,920–4,940
Exit Strategy:
Partial profit at first resistance
Trail stop below higher lows as price moves up