Elliott Wave Analysis – XAUUSD | Week 1 of September 2026GoldOANDA:XAUUSDWavePoint_FX A 5-wave bullish structure may have been completed on the D1 timeframe, although the current wave labeling should still be treated as temporary because wave 1 formed during a highly compressed price phase. Friday’s sharp decline provided an important clue. The previous wave 2 lasted around 5 days, while wave 4 lasted around 6 days. Therefore, if the current decline extends beyond 6 days, it may indicate that price is developing wave 2 of a larger Elliott Wave structure. D1 momentum is now approaching the oversold zone, while price is also moving closer to the Order Block created by the previous wave 4. This suggests that a bullish rebound may develop during the week, potentially around Monday or Tuesday. If this rebound fails to create a new high, the market may be forming an ABC corrective structure within a larger wave 2. In that case, price could later continue lower toward the OTE zone, which also overlaps with the FVG below. From a momentum perspective, a complete ABC correction may require approximately three momentum reversal phases. Friday’s strong bearish candle also created a significant price imbalance. Therefore, the rebound may move higher to partially rebalance this area. The key zone to watch is around 4563, where the nearest bullish candle acts as a potential Bearish Order Block.