Elliott Wave Analysis by Wave FX: XAU/USD Short Target $1822.00

Hi Traders, here is my analysis on XAUUSD (Gold).

My method is based purely on Elliot Wave Principles and Price Action.

I’ve added a Key to help you understand my POV on the current price action.

Confirm Buy: (Once price breaks above, I will be looking for the bulls to control the market.)

Confirm Sell: (Once price breaks below, I will be looking for the bears to control the market.)

INVALIDATION (This means my analysis is incorrect and I need to revisit the drawing board)
Setup Invalid (market still developing or correcting) 12345 ( Elliott 5 wave impulse cycle

ABC (simple market corrections)

WXY (Complex correction, 2 basic correction)

WXYXZ (Complex correction; 2 or more simple or basic correction)

Types of Correctional wave and their internal structure count:
A-B-C
Flat Correction (3-3-5)
Irregular correction (3-3-5)
ZigZag correction (5-3-5)
a-b-c-d-e
Triangles (3-3-3-3-3)

I hope you find my analysis helpful. Please make sure that you are following your own strategy when placing trades. Your comment and feedback are appreciated.