XAUUSD STRATEGIC ANALYSIS – APRIL 29, 2026GoldOANDA:XAUUSDWavePoint_FX Theme: Identifying the Corrective Zone & Preparing for the Next Major Wave Gold is currently entering a corrective phase that I evaluate as "potentially tedious," which will test our patience. To avoid getting caught in market noise and prevent impulsive trading, I will analyze the big picture on the W1 (Weekly) and D1 (Daily) timeframes. 1. Momentum Analysis – Weekly Frame (W1): Momentum is currently showing a bearish reversal signal. If price maintains this downward pressure through the end of the week, we could see 3 – 5 weeks of decline or sideways movement (approx. 15 trading days). – Daily Frame (D1): Momentum indicators are converging in the oversold zone. – => Summary: The conflict between the W1 bearish trend and the D1 potential reversal suggests that price is likely to trade Sideways over the next 1 – 2 weeks. 2. Elliott Wave Count Based on the current structural development, I am prioritizing two scenarios consistent with a 2 – 3 week correction: 🟡 Scenario 1: Triangle Structure (D1 Chart) – Identification: Price is likely moving within the final Wave (e) of a triangle pattern. – Characteristics: In the coming days, price action will compress significantly, moving without a clear trend within a narrow range. – Confirmation: A sharp and steep bullish breakout above the triangle boundary will signal the end of the correction and the start of a new impulsive cycle. 🔵 Scenario 2: Complex Correction (Double Zigzag – WXY) – Identification: The ABC structure is complete, representing the formation of Wave W. Wave X is confirmed once the price breaks the bottom of Wave W. – Characteristics: Wave Y is potentially ongoing. The complexity of this pattern lies in Wave Y’s ability to develop into a Flat or Triangle structure. – Confirmation: We must wait for the pattern to fully mature before a final confirmation can be established. 3. Trading Strategy & Advice – Psychology: Prepare yourself for the "final compression" stage of the correction (especially Wave e). This phase typically lacks a clear trend and is extremely difficult to trade. – Key Observation Level: Focus on the upper boundary (b-d trendline) of the triangle. – Action Plan: If price breaks strongly above this zone, accompanied by a bullish reversal in both Weekly and Daily momentum => This will confirm a new, sustainable long-term uptrend. Note: In this phase, "Patience is Profit." Avoid overtrading within the compression zone. Wishing you a disciplined and focused trading day!