XAUUSD – Developing (C) Wave Structure Inside Channel

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Gold is currently forming a clean Elliott Wave structure inside an ascending channel, and the internal price action suggests we may still be inside a developing Wave (C) before a much larger bearish reversal.

Current Elliott Wave Outlook

The move from the 3,998 low has unfolded as:

Wave (A) – impulsive leg up into the top channel boundary

Wave (B) – corrective decline back to channel support

Wave (C) – still under development, with internal subwaves forming

Inside Wave (C), the chart shows:

(1) completed impulsive wave

(2) corrective pullback into the 0.786 retracement

(3) projected extension toward the upper channel boundary (1.272–1.618 confluence zone)

(4) expected pullback

(5) final push into the top resistance zone of the pattern

This aligns perfectly with the Fibonacci cluster around:

1.13 → 4,112

1.272 → 4,130

1.414 → 4,150

1.618 → 4,154

Bigger Picture

The entire structure appears to be forming a rising wedge / diagonal-like pattern, suggesting that once Wave (5) of (C) completes, a sharp and aggressive bearish reversal is expected. The large red arrow on the chart reflects this expectation.

What to Watch

✔ Price reaching the 4,130–4,155 area (strong fib resistance)
✔ Reaction at the top channel boundary
✔ Momentum divergence on RSI as Wave (5) forms
✔ Breakdown below the lower channel for confirmation of the larger drop

A clean 5-wave completion inside this wedge typically leads to a fast and deep correction.

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The whole setup has been invalidated