Weekly Time frame perspective:
1- I believe we are in wave 4 (Orange box)
2- Because we have seen a flat wave 2 correction, this wave seems deeper and have a pattern of a ZigZag.
3- In Wave 4, we have seen (B) making a retracement of 50% of the drop (3)-(A), then we started the drop again to form the (C) extension which should finish the 4th wave.
The only and last remaining condition to start 5th bull wave is that the drop (C) should be equal or more than to the first drop (3)-(A), which should be at around the zone of 1640-1660.
XAUUSD
1- I believe we are in wave 4 (Orange box)
2- Because we have seen a flat wave 2 correction, this wave seems deeper and have a pattern of a ZigZag.
3- In Wave 4, we have seen (B) making a retracement of 50% of the drop (3)-(A), then we started the drop again to form the (C) extension which should finish the 4th wave.
The only and last remaining condition to start 5th bull wave is that the drop (C) should be equal or more than to the first drop (3)-(A), which should be at around the zone of 1640-1660.
XAUUSD