Elliott Wave Analysis XAUUSD 9/6/2026GoldOANDA:XAUUSDWavePoint_FX Momentum D1 momentum has now fully entered the oversold zone. Yesterday’s bullish move was still not strong enough to reverse D1 momentum, so today we need to be careful with the possibility of a sweep. We will observe the D1 candle close; if a reversal is confirmed, the market may form a new bullish trend. H4 momentum is currently overbought and showing signs of compression, suggesting that the bullish move may still continue but has already weakened. At the same time, an H4 top could form at any moment. H1 momentum is preparing to enter the overbought zone, showing that the current H1 bullish move is weakening and may soon reverse downward. Wave Structure D1 Wave Structure Price has reached the 4274 target but has not yet increased strongly, so we need to be careful with the possibility that this target has already been completed. Today, we want to see a strong bullish move to confirm that the green corrective wave Y has been completed. The expectation is that price should create a clear bullish move within 5 days. The closer we get to the 5-day mark without a strong increase, the lower the probability of a new bullish trend forming. **H4 Wave Structure** The current red wave Y is quite complex, with many overlapping wave movements. Therefore, trying to label the details too precisely can easily cause confusion because there are many possible scenarios. Instead, we will rely on H4 momentum to determine the trading direction for the day. Currently, H4 is overbought, which suggests the potential formation of a top soon. Therefore, we will prioritize looking for trades in this direction and move down to H1 to identify suitable Order Blocks. **H1 Wave Structure** Labeling H1 at the moment is quite difficult because the waves from black X to black Y overlap significantly. However, at the end of the strong decline, several Fair Value Gap zones appeared, which may be a characteristic of wave 3. This suggests that price may have completed the correction or may currently be in wave 4. Therefore, the market may soon rise strongly, but there is still a possibility of another corrective decline. For trading, we will rely on the Order Blocks that are forming. Yesterday, the Order Block at 4274 held price well, and price rebounded from this zone. Currently, price is facing a bearish Order Block at 4348 — the first barrier for a new bullish trend. If price breaks strongly through this zone, it will be the first signal of a structure break. In the context that the D1 green wave Y target has been completed and D1 momentum is preparing to reverse upward, the probability of a new bullish trend forming will be higher. At that point, the bearish Order Block at 4348 may become a Breaker Block and reverse its role into support. We can consider Buy positions when price pulls back to this zone, if supported by oversold H4 momentum. For now, below price, there is still an unfilled Fair Value Gap at 4308, while H1 momentum is preparing to reverse downward, so price may be drawn toward this zone. However, we need to be careful because if H4 reverses downward, this zone may not have enough strength to support price. Above price, the 4383 zone is a combination of a Fair Value Gap and a Breaker Block because price has broken below a previous bullish low. If H4 momentum remains overbought when price approaches this zone, this will be a good Sell zone.