Analyzing XAU/USD using Elliott Wave Theory, I noticed that the initial wave (1) started a significant downtrend after a strong upward move. This was followed by wave (2), an upward correction that didn't surpass the previous high. Wave (3) continued the downtrend with a sharper decline, indicating strong bearish sentiment. Recently, wave (4) formed as a short upward correction.
Now, I'm expecting wave (5) to complete this cycle. The first potential target for wave (5) is around 2404.040, aligning with the length of wave (1). If the bearish momentum is stronger, wave (5) could extend to 2392.780, which corresponds to the 1.618 extension of wave (1). Keep an eye on these levels for potential support or reversal points. This setup suggests a short position on XAU/USD.
Now, I'm expecting wave (5) to complete this cycle. The first potential target for wave (5) is around 2404.040, aligning with the length of wave (1). If the bearish momentum is stronger, wave (5) could extend to 2392.780, which corresponds to the 1.618 extension of wave (1). Keep an eye on these levels for potential support or reversal points. This setup suggests a short position on XAU/USD.
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