Elliott Wave Analysis – Plan XAUUSD 23/5/2025At the moment, we’re monitoring two possible wave scenarios:
🔸 Scenario 1 – ABC Correction Completed
The bullish move from the 3123 zone to the current price may have formed a completed ABC corrective structure (labeled on the top-left of the chart).
If this scenario is correct, the correction has ended and the market is now entering a new 5-wave bearish impulse.
Within this structure:
• Wave 1 is already completed
• Price is currently retracing as Wave 2
This view is supported by the strong reaction around the 3247 zone.
📍 Ideal target for Wave 2: around 3325
🔸 Scenario 2 – Bullish 5-Wave Structure in Progress
A potential impulsive structure with waves 1-2-3-4-5 is currently labeled on the chart.
In this count:
• Wave 3 (yellow) has completed
• The market is now in Wave 4 (yellow)
Wave 4 appears to be unfolding as an A-B-C corrective pattern:
• Wave A has completed
• Price is now forming Wave B (black)
✅ This scenario requires a daily close above 3247 for confirmation.
📍 Target for Wave B: also near 3325
🔎 Momentum Analysis
• Daily (D1): Overbought – the uptrend is weakening → likely a larger corrective move ahead
• H4: Momentum rising → favors a short-term bullish bounce
• H1: Momentum just flipped bullish → current rally may extend further
📌 Trade Plan (for both scenarios):
SELL ZONE: 3325 – 3328
Stop Loss: 3335
Take Profit 1: 3279
Take Profit 2: 3247
📈 Wait for price action around the 3325 zone to confirm which scenario plays out.
