The 8-hour XAU/USD chart presents an Elliott Wave structure, currently in the final stages of Wave 4 within a larger impulsive cycle. The complex correction in Wave 4 has unfolded as a WXYXZ (triple-three pattern), forming a contracting triangle (ABCDE) — a classic consolidation phase that typically precedes a sharp impulsive breakout.
Wave E has recently completed near the lower boundary of the triangle, supported by the ascending trendline drawn from the April low. This suggests the correction is mature and Wave 5 is ready to ignite.
Target 1 (T1): 3434.845
Target 2 (T2): 3500.535
Stop Loss (SL): 3309.729
The triangle (Wave 4) breakout structure suggests bullish continuation.
Multiple internal WXY corrective waves have completed, signaling exhaustion.
Volume and candle structure support the possibility of impulsive buying in Wave 5.
Wave E has recently completed near the lower boundary of the triangle, supported by the ascending trendline drawn from the April low. This suggests the correction is mature and Wave 5 is ready to ignite.
Target 1 (T1): 3434.845
Target 2 (T2): 3500.535
Stop Loss (SL): 3309.729
The triangle (Wave 4) breakout structure suggests bullish continuation.
Multiple internal WXY corrective waves have completed, signaling exhaustion.
Volume and candle structure support the possibility of impulsive buying in Wave 5.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.