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XAUUSD - Ending Diagonal - End Of Correction?

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
Here is a Elliot Wave Triple Three correctional combination which began since the last impulse move reached its peak (1689) in February.

The Zigzag pattern you can see between wave X to Z is the final corrective pattern of the three combinations which implies that the correction is coming to an end. Further confluence is provided by the nature in which the final set of waves are forming. They are coming together in an Ending Diagonal . Ending Diagonals are commonly found at the end of a Wave C in a correctional sequence.

I see this final wave coming to at least 1650 according to the general guidelines, and then a wick out anywhere down below between the 1650-1630 zone.

From there we could see a new yearly high with an initial target of 1787. Further wave extensions are coming in at 1808, 1833 and 1846. This is a long term target (quarterly and biannual) which only serves to provide an indication of the current direction.


Disclaimer

This is not trading advice. All content/ information shared in this idea is purely educational in nature and is expected to be used for educational analysis and illustration purposes only.

Do not trade or speculate based solely on the information provided.

Trust your own analysis.
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