XAU/USD study: Breakout wave count, end of move projection.

Attempt at projecting the end of a possible breakout move (false or not will need to be confirmed on daily at least).

For study purposes.

Comment:

Reaction at the first level, retracement ongoing, limited so far and a little early to conclude anything.
Maybe we can use this TF to confirm a possible breakout though, if we get a limited retracement here without going too far below the trendline we could get an entry for a possible further rally...
Looking for an ABC zigzag, a flat or a triangle...

Comment:

Looking at the 15 min. it is possible that we did complete 5 waves in the last up move so wave 5 of the 4H count could be finished. Watching the reaction at the channel/S/R/trendline now...

Comment:

Level to watch:

Also try to figure out whether the down move is a corrective or a motive wave... (3 or 5 waves...?)

Comment:

Possible corrective structure made my min. requirements, not to say it can't continue further down but I do see a possibility for a breakout trade above this possible corrective pattern!

Comment:

Breakout, SL below the pinbar