XAUUSD ELLIOTT WAVE ANALYSIS: WAVE 3 INITIATIONGoldOANDA:XAUUSDKelly_Koou_Gold Market Structure & Wave Count Wave (1) Completion: The initial impulsive move to the downside has concluded, establishing a structural low. Wave (2) Retracement: Price has completed a technical correction, successfully retesting the Sell Zone Wave 2 at the 4,640.561 handle. Wave (3) Confirmation: Strong price rejection at the current resistance confirms the end of the corrective phase and the start of Impulsive Wave (3)—typically the most powerful move in an Elliott Wave sequence. Key Technical Levels Primary Sell Zone: 4,625 – 4,640. This supply cluster is where institutional bears have re-established dominant short positions. Interim Support: 4,547 (Buy Scalping Zone). Expect minor reactionary bounces here; however, this level is unlikely to hold against the momentum of Wave (3). Downside Target: 4,351.913. This represents the high-probability Fibonacci extension target for the completion of the current impulsive leg. Execution Strategy Bias: Heavily Bearish. Focus exclusively on high-probability short setups. Action Plan: Utilize minor intraday retracements to build short exposure. A sustained break below the 4,510.286 low will confirm the acceleration phase of Wave (3). Invalidation: Any daily close above the 4,640.561 peak invalidates the current wave count. Outlook The price path is projected to expand lower through a 5-wave internal sub-structure, aiming for the major liquidity pool near 4,350. Patience is the key. Trade the plan.