Gold at Key Support — Final Wave Down or Reversal GoldOANDA:XAUUSDR_WatsonnHello traders! Here’s my technical outlook based on the current XAUUSD (4H) structure, combined with Elliott Wave context. Gold is currently trading inside a broader corrective phase after a major impulsive move, and price has now returned to a key higher timeframe support zone around the 4,500 area a level that previously triggered strong bullish reactions. From a structural perspective, the market is still printing lower highs, indicating that bearish pressure has not fully disappeared. The recent sell-off into this support zone shows a continuation of the downside leg, but momentum is starting to slow as price reacts from demand. This creates a critical decision point where liquidity is being tested. Looking deeper into Elliott Wave structure, the entire move can be interpreted as an ABC correction. However, the key detail lies in how wave A is counted. If wave A is a 3-wave structure, then wave C may have already completed at the current lows, suggesting that the market is now transitioning into a new bullish phase. On the other hand, if wave A is counted as a full 5-wave impulse, then the current structure implies that wave C is still incomplete — meaning we could see one final push lower (wave 5 of C) to sweep liquidity below the support zone before a true reversal begins. At the moment, price is attempting a bounce from the key support zone, but this move could still be corrective. My primary approach here is cautiously bullish, expecting a potential reaction from this zone. However, the risk of a final liquidity sweep remains high. If price breaks below the current support and takes out the lows, we could see a continuation toward deeper levels around the 4,400 area to complete the full Elliott Wave cycle. This aligns well with the idea of managing risk — holding a long position while protecting it at breakeven is a smart approach in this context, as it allows participation in a potential reversal while avoiding downside exposure if the final wave down plays out. Overall, this is a high-stakes zone where both scenarios are valid: either a completed correction leading to reversal, or one last sell-off to finish wave C. Feel free to share your thoughts and support the idea 🚀