XAUUSD Hourly Elliott Wave Correction and Reversal SetupGold vs US DollarICMARKETS:XAUUSDBitcoinprofitableThe XAUUSD 1H chart shows a completed bearish impulsive structure followed by a corrective phase, aligning with Elliott Wave principles. The prior downtrend appears to have formed a clear five-wave impulse ending at wave (V), marking a potential short-term bottom. From this low, price begins a corrective ABC structure. Wave A pushes upward with strong momentum, followed by a minor pullback in wave B, and a projected wave C continuation higher toward a resistance zone. The drawn scenario suggests that wave C could extend upward to complete the correction before a larger bearish continuation resumes. This implies the market is currently in a temporary bullish retracement within a broader downtrend. Entry Strategy: Look for buy entries near the completion of wave B, ideally around support zones with confirmation (bullish engulfing or strong rejection). Conservative traders may wait for a breakout above wave B high for confirmation of wave C. Exit Strategy: Take profit near the projected wave C resistance area. For sell setups, watch for reversal signals at wave C completion to enter short positions targeting new lows. Risk Management: Place stop loss below wave B for buys, and above wave C for sells to minimize risk exposure.