XAUUSD 1H Bearish Elliott Wave Continuation SetupGold vs US DollarICMARKETS:XAUUSDBitcoinprofitableThis XAUUSD 1-hour chart illustrates a developing bearish Elliott Wave structure following a completed corrective phase. Price appears to have finalized a complex correction labeled (Z), signaling the end of a larger corrective cycle. After the peak, the market begins a new impulsive move downward, forming wave 1 and a corrective pullback into wave 2 near resistance. The highlighted zone acts as a supply area where sellers are likely to re-enter. The projected path shows a strong bearish continuation forming waves 3, 4, and 5. Wave 3 is expected to be the strongest leg, breaking below recent structure lows with momentum. Wave 4 may provide a temporary retracement before the final push downward into wave 5, completing the impulse. The bearish bias is supported by rejection from resistance, lower highs, and weakening bullish momentum. Overall, the structure aligns with a classic Elliott Wave impulse following a completed correction, suggesting downside continuation in the short term. Entry Points: Sell at the highlighted resistance zone (wave 2 completion) Confirm entry with bearish candlestick or rejection wick Optional: wait for lower timeframe confirmation (15M/5M) Exit Points: Target 1: Previous low (wave 1 bottom) Target 2: Wave 3 extension zone Final Target: Completion of wave 5 Stop Loss: Above wave 2 high (invalidates bearish count) This setup favors disciplined risk management and confirmation-based entries.