Elliott Wave Monitor

GOLD on the 4-hour chart is advancing within wave (iii) of ③, with price nearing a minor top at sub-wave (iii).

▪️A short corrective wave (iv) is expected before the final push higher in wave (v).

▪️The bullish scenario remains valid as long as the wave (ii) low holds.

According to Elliott Wave analysis, GOLD has completed the fourth corrective wave (IV) around 3268.04, which formed a standard triangle pattern (ABCDE).

The current wave (iii) of the major upward wave (3) is now moving strongly, with the price currently in sub-wave iii within this wave.

Expectations:

We anticipate a short-term correction near the 38.2% retracement of the previous wave, representing sub-wave iv.

After this correction, the likely scenario is a continuation of the uptrend to complete wave 5 within the major wave (3).

Potential bullish targets range between $3550 – $3620 per ounce, with support at $3400 being a key level for wave iv.


Conclusion:

The current trend remains bullish as long as price holds above $3400 support.

This scenario offers traders an opportunity to enter during the correction and target gains in the upcoming wave 5.

USDJPY Preparing to Complete Wave 4 Triangle

▪️From an Elliott Wave perspective, USDJPY appears to have completed most of its wave 4 triangle structure, with price currently unfolding the final wave e.

▪️The completion of this triangle is expected to provide a solid base for the upcoming impulsive wave 5, targeting levels above 150.919 toward 152–153.