XAUUSD 1H Bearish Elliott Wave Breakdown SetupGold vs US DollarICMARKETS:XAUUSDBitcoinprofitableThe XAUUSD 1H chart shows a clear bearish Elliott Wave structure developing after a completed corrective phase. Price appears to have finished a complex correction labeled (A)-(B)-(C) within a descending channel, followed by a rejection near the upper trendline. This indicates the market is transitioning into a new impulsive bearish sequence. The recent breakdown suggests wave (1) of a larger degree may already be in progress, with a potential minor pullback forming wave (2). Fibonacci retracement levels highlight strong resistance around 0.5–0.618, where price recently reacted and failed to sustain upward momentum. This reinforces bearish continuation bias. The projected path shows a decline toward lower liquidity zones, possibly extending into wave (3), which is typically the strongest and longest wave in Elliott Wave theory. Momentum and structure both support downside continuation unless price invalidates the pattern by breaking above the 0.764 retracement zone. As long as price remains below the descending trendline, sellers maintain control. Traders should focus on short opportunities after corrective pullbacks, aligning with the broader bearish wave structure. Entry & Exit Points: Entry (Sell): Around 0.5 – 0.618 Fibonacci zone (pullback area) Confirmation: Bearish rejection candle or lower high formation Stop Loss: Above 0.764 level or recent swing high Take Profit 1: Previous low (wave D zone) Take Profit 2: Extension toward wave (3) target (below 0 level) Risk Tip: Avoid entries if price breaks above 0.764