■Outlook of XAUUSD on 1-week chart.
The sub-wave(Orange) of wave iv(Green) is probably "Bottom flat descending Triangle".
Last week, The sub-wave D shown by the Orange line was completed.
Now, I think that we are on sub-wave E shown by the Orange line.
Wave iv(Green) will change to wave v, after the sub-wave E is complete. After, I think wave v (Green) will extend, thus the Impulse wave with a Fifth Wave Extension.
If the assumptions are correct, I think the sub-wave E target will be in the range of sub-wave D's Fibonacci 61.8% to 78.6 or supported by an extension line connecting the end of sub-wave A and C.
The sub-wave E (Orange) will grow to the levels of 1688-1754.
In this scenario, the stop loss level is 1877.
The sub-wave(Orange) of wave iv(Green) is probably "Bottom flat descending Triangle".
Last week, The sub-wave D shown by the Orange line was completed.
Now, I think that we are on sub-wave E shown by the Orange line.
Wave iv(Green) will change to wave v, after the sub-wave E is complete. After, I think wave v (Green) will extend, thus the Impulse wave with a Fifth Wave Extension.
If the assumptions are correct, I think the sub-wave E target will be in the range of sub-wave D's Fibonacci 61.8% to 78.6 or supported by an extension line connecting the end of sub-wave A and C.
The sub-wave E (Orange) will grow to the levels of 1688-1754.
In this scenario, the stop loss level is 1877.