XAU/USD – Wave 2 Breakout Confirmed | Tracking the Impulse

23 Jul

XAUUSD
We’ve now seen the first bullish push out of the blue (2) Fibonacci zone.
This allows us to start tracking a potential blue (1)-(2) structure, setting the stage for an impulsive move into blue (3) – although we haven't fully arrived there yet.

Within this blue wave (2) to (3), we can already identify a white 1-2-3-4 in progress, and from white 4, we're seeing a yellow 1-2-3-4-5 impulse forming.

📌 Currently, we are at yellow wave 4, right below the Take Profit zone of the Fibonacci extension projected for blue wave (3).
This level aligns perfectly with the yellow Fibonacci extension zone calculated from yellow wave 2 to 3 to 4, which gives us the expected yellow wave 5 target.

🚀 Once that move is complete, I anticipate a potential upward breakout above 3400, leading to a blue wave (5).
This blue wave (5) would then mark the blue wave 1 of a larger bearish sequence: specifically, the broader move from yellow wave (2) to (3).
https://www.tradingview.com/chart/XAUUSD/zeH03ZbJ-XAU-USD-Likely-Wave-%E2%91%A4-Top-In-ABC-Correction-in-Progress/

24 Jul

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