As discussed in a previous analysis, XAU/USD Gold price heads towards the Support
Wave A : Bottom at 1783
Wave B : 61.8%(A) at 1798
Wave C : C wave has always five impulse as 12345.
My wave count is we have finished 1st wave of "C" and 2nd may complete between 1792-1795
It is interesting to see where the 5th of ''C" is going to complete.
If 1798 is broken upside then this wave count is nullified and we will re-count.
Wave B : 61.8%(A) at 1798
Wave C : C wave has always five impulse as 12345.
My wave count is we have finished 1st wave of "C" and 2nd may complete between 1792-1795
It is interesting to see where the 5th of ''C" is going to complete.
If 1798 is broken upside then this wave count is nullified and we will re-count.
Now we revisit the Gold analysis on 15 Min Chart,
we can see , that ABC seems a flat correction (3-3-5) or triangle . In a flat correction "B" wave ends near the start of the "A" Wave in general.
XAU/USD 5 Min Chart:
In which A wave has 3 sub-waves as "abc"
B wave has also 3 sub-waves as "abc" Flate correction pattern and this is continually unfolding. B wave may complete near 1805 in next week.
C wave forecast: "C" wave always have five impulse wave as 12345. so we may see "C" wave may end near 1772 as this level also 38.2% Fibonacci of (III) Wave.
Alternate Scenario: If gold start to move above $1810 in a Bull Personality then 1784 was the IVth wave correction end as considered.
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