I suggest you take a look at the wave structure of XAUUSD on the monthly chart.
It is possible that a flat or a triangle of degree Cycle unfolds along the XAUUSD. It is not yet time to count the waves of a triangle of this scale, so I will consider the flat.
I assume that wave b was completed at $2075, and now wave c is unfolding, which should be the impulse or the ending diagonal. I start counting the wave c with the impulse, since it is simpler. For this pulse, the wave ((1)) of c is an expanded leading diagonal. For the first wave in the impulse, this is a rare wave model. At the moment, this wave counting is the simplest.
It is possible that the wave ((2)) of c ended at $1916. If this is the case, then the third wave is now developing in front of us.
This is my preferred scenario, in which I expect a decline within a few months.
In an alternative scenario, wave ((2)) of c is not yet complete.
It is possible that a flat or a triangle of degree Cycle unfolds along the XAUUSD. It is not yet time to count the waves of a triangle of this scale, so I will consider the flat.
I assume that wave b was completed at $2075, and now wave c is unfolding, which should be the impulse or the ending diagonal. I start counting the wave c with the impulse, since it is simpler. For this pulse, the wave ((1)) of c is an expanded leading diagonal. For the first wave in the impulse, this is a rare wave model. At the moment, this wave counting is the simplest.
It is possible that the wave ((2)) of c ended at $1916. If this is the case, then the third wave is now developing in front of us.
This is my preferred scenario, in which I expect a decline within a few months.
In an alternative scenario, wave ((2)) of c is not yet complete.
