For XAUUSD in the Grand Major Time Frame it seems like we are in a corrective phase after an impulsive 5 wave move to the upside. The corrective structure seems to be unfolding as a FLAT Corrective Structure. For those that arent aware, Flat Structures are usually in a 3-3-5 structured form. Within this particular Flat Structure we seem to have completed its Minor Leg A (3 Waves) and Minor Leg B (3 Waves) and have currently just started our Minor Leg C (5 Waves).
Within the Minor Leg C that is expected to unfold in a 5 wave pattern we have completed our 1st Wave and are currently in the midst of completing our 2nd Wave. The 2nd Wave here seems to be unfolding as a Flat Corrective Structure as well. For this Minor Flat we have also completed its 3 Waves Leg A followed by its 3 Waves Leg B and are currently in its 5 Waves Leg C. The 5 Waves of Leg C seems to be unfolding as a diagonal instead of a normal impulsive move. Within that diagonal we are currently in the midst of completing its final leg which is Leg E. Meaning after the next push up we are likely to be done with Wave 2 and be looking for Major Sells for WAVE 3.
However in the smaller time frames we may see some retracement before price hitting the upper channel to complete Leg E. If you have no Buy Positions now then it now would not be a good position to enter for Buy's. However if price does retrace down then a Buy Position may be valid. If not i would just wait for the SELL setups that are not too far away.
Within the Minor Leg C that is expected to unfold in a 5 wave pattern we have completed our 1st Wave and are currently in the midst of completing our 2nd Wave. The 2nd Wave here seems to be unfolding as a Flat Corrective Structure as well. For this Minor Flat we have also completed its 3 Waves Leg A followed by its 3 Waves Leg B and are currently in its 5 Waves Leg C. The 5 Waves of Leg C seems to be unfolding as a diagonal instead of a normal impulsive move. Within that diagonal we are currently in the midst of completing its final leg which is Leg E. Meaning after the next push up we are likely to be done with Wave 2 and be looking for Major Sells for WAVE 3.
However in the smaller time frames we may see some retracement before price hitting the upper channel to complete Leg E. If you have no Buy Positions now then it now would not be a good position to enter for Buy's. However if price does retrace down then a Buy Position may be valid. If not i would just wait for the SELL setups that are not too far away.