XAU/USD Analysis – Wave 2 Still in ProgressGoldOANDA:XAUUSDElliotXSolanaXAUUSD We're currently in a corrective structure following our Circle Wave 3. ✅ (A) and (B) of the correction are already complete. 🔽 Now we're in the development of Wave (C), which should unfold as a 1–2–3–4–5 structure. 📌 Current Situation Wave 1 of (C) was very impulsive – a strong move confirming the structure We're now in Wave 2, which is developing as a classic ABC correction ✅ Circle A and Circle B are complete 🔄 Currently transitioning from Circle B to Circle C 🧠 Market Insight We’ve already seen the first touch of the Fib zone, but I don’t believe that marks the end of Circle C just yet – the time duration of B → C is too short compared to 1 → A and A → B. That's why I expect a smaller degree correction playing out now: → (A) → (B) → (C) (lower timeframe within Circle C) Alternatively, the whole 1 → 2 could even unfold as an A–B–C–D–E triangle, though I personally prefer ABC structures for cleaner setups and better trade entries. 📈 Trade Setup There are two short setups currently marked in the chart: Sell from small B → small C 🎯 Take-Profit: Aligned with Fib Extension Zone near 3400 🛑 Stop-Loss: Just above the small A Sell from small C extension move 🛑 Stop-Loss: Below (B) 🎯 Target: Also around the major Fib confluence zone at 3400 📊 Conclusion ✅ Wave (1) done 🔄 Wave (2) still unfolding as complex ABC ⚠️ Be patient for confirmation of small B → C 🟢 Fib zones aligned – volume expected around 3400 🧩 Clean setups preferred over triangle flags