ElliottWaveFxMajors

Current price action is unfolding in a 5-wave bearish structure wave (1) of ((3)) with wave ((V)) of 3 in progress.A corrective ABC structure completed near the CISD zone.Wave 3 extends to the 3.618 Fibonacci projection (~3,148), with wave 5 targeting a support block near 3,120–3,130.Anticipated short-term retracement for wave 4, followed by one more impulsive drop into demand.Indicators:RSI shows consistent bearish momentum with room for divergence.

XAU/USD is currently displaying a textbook triangle consolidation pattern as part of what appears to be wave IV in its Elliott Wave sequence. This corrective structure is developing after a strong upward move and shows clear converging trendlines with alternating A-B-C swings.Technical Analysis:Price consolidating near $3,044 level with minor bearish bias labelled wave ((D))A-B-C internal wave structure visible inside consolidationPotential wave ((iii)) price target at $3082.37 Triangle patterns typically represent consolidation before continuation of the primary trend. If this pattern completes as expected, we could see a final wave V impulse in the coming sessions.Watch for a breakout from this triangle formation - volume should increase to confirm the validity of the move. Target exit or adjust stops based on the direction of the breakout.

Gold continues its impulsive rally, currently completing what appears to be the final leg of wave ⑤ within an ascending channel. This aligns with the larger Elliott Wave count we've been tracking.Key points to consider:Wave Structure: We can observe the completion of five internal waves within wave ⑤, with price now at critical resistance levels near the 2.618 Fibonacci extension ($3,065.338).Bearish RSI Divergence: While price has continued to climb, RSI has started to show signs of bearish divergence, signalling weakening momentum and a potential reversal.Support Levels: Should a correction materialize, the next key areas to watch are the 0.236 ($3,025.340) and 0.382 ($2,997.608) Fibonacci retracement levels, which align with the lower trendline of the ascending channels.Wave ⑤ may be nearing exhaustion, with both the Fibonacci extension and bearish divergence suggesting caution for longs. We could see a retracement to support zones if price reverses.

As seen in the chart, I'm tracking a potential Wave 4 triangle forming in gold. The price action has respected the A-B-C-D-E structure so far, suggesting that consolidation might be nearing completion before a breakout into Wave 5.However, if the price breaks above Wave D's high prematurely, this would invalidate the triangle and suggest that Wave 4 already ended as a running flat, meaning we may already be in the early stages of Wave 5.Key Levels to Watch:🔹 Resistance: [D-wave high] – The triangle scenario is invalid if the price breaks above this level without completing Wave E.🔹 Support Zone: [Green highlighted area] – Holding above this would strengthen the case for a triangle breakout.🔹 Invalidation: A strong impulse below the support zone could indicate a deeper correction instead of Wave 5 beginning.If the triangle holds, we could see one more touch of support before Wave 5 extends higher. Otherwise, the market may already be heading up in a more aggressive move.Which scenario do you think will play out? Drop your thoughts below!