Gold 15m – Zigzag in Progress or Start of a Larger Correction?

This analysis presents a short-term Elliott Wave count on Gold (XAUUSD) in the 15-minute timeframe.
The current structure suggests a standard Zigzag correction (5-3-5) unfolding from the recent high:

Wave A formed a clean 5-wave impulsive decline

Wave B developed as a contracting triangle (A-B-C-D-E)

Wave C appears to be in progress, with projected targets between 3170–3090

🔴 Invalidation level:
A break above 3248 invalidates this scenario and suggests that the correction is either complete or transforming into a different pattern.

🌀 Alternative Scenarios:
If price fails to reverse within the key support zone (3170–3090) or extends much deeper:

We may be witnessing Wave 3 of a higher-degree Zigzag

Or, this drop may be Wave A of a larger Flat correction in development

🗨️ What’s your view?
Do you agree with the Zigzag count?
Or do you expect a deeper, more complex correction to unfold?
Share your take in the comments below 👇