XAUUSD

There might be two scenarios to play out here. The termination of the current lower degree ABC formation will determine if wave 4 is still in play or if wave 4 has long completed in the blue range (at the end of a higher degree wave A as shown in the char). If wave four has long completed then the current formation would reverse at less than 100% of the previous five wave impulse move shown as wave B of the higher degree on the chat. Then that might mean a higher degree wave 1 has completed and wave two is completing its ABC formation and price might start to push up to wave 3 of the higher degree.