The long-standing bullish cycle in XAUUSD entered a critical corrective phase after peaking near the $5,400 levels. According to Elliott Wave principles, the current $5,088 region acts as either the start of a new impulsive leg (Blue Alternative) or the continuation of an expanded correction (Red Alternative). Confirmation of the blue scenario requires daily closes above the blue dashed trendline, targeting $5,996. Otherwise, a Wave C correction toward the $4,138 level appears inevitable.
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