Overall Trend Main trend: Strong downtrendGOLD (US$/OZ)TVC:GOLDLogWuCappital🔎 1. Overall Trend Main trend: Strong downtrend Price is: Below the descending trendline Moving inside a descending channel Wave structure: Likely in wave (iii) or finishing it Preparing for wave (iv) correction 👉 Conclusion: The market is still bearish — any upward move is just a pullback, not a reversal. 📉 2. Elliott Wave Analysis (based on your drawing) 🔻 Wave (iii) Strong impulsive move → typical extended wave Broke multiple support levels → confirms strong bearish momentum 🔄 Wave (iv) – Your circled zones You marked 3 zones correctly: Zone 1 → Weak pullback Zone 2 → Liquidity sweep / trap Zone 3 → Main reversal zone (0.382 – 0.5 Fib) 👉 According to Elliott Wave: Wave (iv) usually retraces: 0.382 – 0.5 Fibonacci It should NOT overlap with wave (i) 📌 Your large circled zone on the right = best SELL area 📊 3. Fibonacci Analysis Key levels you marked: 0.382 → shallow pullback 0.5 → neutral zone 0.618 → deep pullback 0.786 → possible reversal risk 👉 Current expectation: Price likely retraces to 0.382 – 0.5 This aligns with: Trendline resistance Supply zone 📌 This is a strong confluence → high-probability SELL zone 🟥 4. Supply & Demand Zones Upper red zone: Previous distribution area High chance price returns → gets rejected Lower red zone: Accumulation / trap zone Likely: Sideways movement Fake breakout 👉 Key idea: If price revisits the upper zone → strong short opportunity 🔺 5. Main Scenario (High Probability) 📉 Scenario 1: Pullback → Continue dropping Price retraces to: 0.382 → 0.5 Gets rejected at: Trendline Supply zone Starts wave (v) down 🎯 Targets: Break previous low Move toward: 1.618 extension Or deeper levels 👉 Probability: 70–80% ⚠️ 6. Alternative Scenario (Lower Probability) 📈 Scenario 2: Strong bullish correction Price breaks: 0.5 → 0.618 → 0.786 Then: Wave (iv) becomes complex: Flat Triangle 👉 In this case: Avoid early shorts Wait for confirmation 💣 7. Trade Setup (Practical Plan) ✅ Ideal SELL setup: :))) 🧠 8. Key Insight (Important) ❌ Common mistake: Selling at the bottom after a big drop ✅ Smart approach: Wait for pullback into liquidity zone (your circled area) Sell at premium price 👉 Your chart shows strong understanding of: Elliott Wave Liquidity Smart Money concepts 🔥 9. Final Conclusion Trend: Bearish Phase: Preparing for wave (v) Strategy: 👉 Wait → Pullback → SELL Best zone: 👉 Your large circled area on the right