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xauusd elliott

XAUUSD hints at forming a primary impulse wave ⑤ which is part of impulse V of the cycle degree.

The first three parts of the impulse pattern ⑤ are complete.

At the time of writing, correction (4) of the intermediate degree is taking the form of a simple A-B-C zigzag.

Minor sub-waves A and B have ended whilst impulse C is in progress.

In the short-term, impulse C could lead prices down to the 1844.90 area. At that level, correction (4) will be at 61.8% of bullish wave (3).

A rise in the final wave (5) above 2074.49 previously formed by wave (3) could then be expected.

xauusd

An alternative scenario looks at the intermediate correction (4) taking the form of a bearish zigzag.

Currently, we are in the initial part of the bullish impulse (5).

We can expect prices to extend up in minor sub-waves 3-4 and 5 to the 2172.24 area. At this level, impulse (5) will be at the 76.4% Fibonacci extension of impulse (3).

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