#XAUUSD Elliott Wave Analysis
Everyone is calling the bottom right now. That is exactly the problem.
The daily chart tells a different story. Wave III topped in February. The ABC correction off that high is still running, and Wave (C) is now tracing out its 5-wave decline.
Here is where we are. Wave 3 of (C) completed near 4,200. The bounce you see right now is Wave 4, climbing into descending trendline resistance.
This is not the reversal. This is the trap.
Once this bounce exhausts against the trendline, Wave 5 of (C) points lower, toward the 4,000 region. That is where the whole correction completes as Wave IV of the bigger structure.
Amateur traders see a bounce off a low and start buying. Elliott Wave traders see a Wave 4 inside a bearish sequence and wait.
The bottom is coming. But it is not here yet. When every retail account screams "BUY GOLD" at the same time, the market almost never agrees. Consensus is not confirmation.
So we wait for Wave 5 of (C) to complete. We wait for the structure to give us the turn. Then we step in with a full Wave V bull run ahead of us.
Patience is not passivity. It is the plan.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Elliott Wave analysis involves subjective interpretation. Always do your own research and manage your risk accordingly.
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