Elliott Wave Analysis – XAUUSD 9/1/2026GoldOANDA:XAUUSDWavePoint_FX D1 Timeframe D1 momentum is currently showing signs of a bullish reversal. Therefore, a price reversal may occur today or tomorrow, especially if we get a strong bullish D1 candle close as confirmation. In terms of wave structure, the recent decline has been relatively sharp and deep, forming what appears to be a 5-wave bearish structure. This structure may represent wave A within a corrective pattern, after which price could develop a rebound to form wave B. For now, this remains a working scenario, and we will continue to wait for price action to confirm it. H4 Timeframe H4 momentum is currently reversing to the downside. For H4 momentum to move into the oversold zone and then reverse upward again, it may take approximately 3–5 H4 candles. In terms of timing, this could coincide with the London session close, so we should pay close attention to price behavior around that period. Below the current price, there is an Equal Low (EQL) area around 4314. This could act as a liquidity draw, meaning the current H4 momentum decline may pull price toward this zone to take liquidity. H1 Timeframe Looking more closely at the wave structure, we may currently be developing a 5-wave bearish structure within wave A. In this count, wave 1 may be a leading diagonal, and the 1–2–3–4–5 structure marked on the chart represents wave (1). We should now pay attention to the relationship between wave (2) and the current developing wave, which may be wave (4). Wave (4) usually takes more time to develop than wave (2). Therefore, the current structure may continue to develop sideways before the next bearish move begins. At the same time, H1 momentum is preparing to reverse upward, supporting the possibility of a short-term rebound and increasing the probability that wave (4) may develop as a triangle structure. Therefore, we should wait for H1 momentum to move into the overbought zone. At that point, we can start looking for suitable price areas to sell in line with the bearish H4 momentum. Another important level to monitor is 4399. If price closes below 4399, the bearish move may continue, with price potentially moving toward the following target zones to complete wave 5: Fibonacci 0.382 at 4349 Fibonacci 0.618 at 4275 In the short term, we should continue monitoring the H1 rebound. However, the preferred trading approach remains to wait for H1 momentum to reach the overbought zone and then look for sell opportunities in line with the bearish H4 momentum, while closely watching price reactions around 4399, 4349, 4314, and 4275.