XAUUSD Micro Wave ii Sub Wave A-B completed C in Progress 6/3/26GoldOANDA:XAUUSDdzdeeznuts Elliott Wave Theory (Corrective Pattern) Wave (A): A completed 5-wave bearish impulse down (labeled 1 through 5 in light blue), bottoming near the 4,440 level. Wave (B): A completed 3-wave corrective bounce upward (labeled A-B-C), peaking just under 4,560. Wave (C) : The price is currently modeled to be entering a final 5-wave bearish impulse downward. The chart shows the price has completed sub-wave (1) and (2), and is projected to fall further through waves (3), (4), and (5), aiming for a ultimate target zone between 4,400 and 4,360. Fibonacci Retracement Levels The 0.382 level (4,520) and 0.5 level (4,480) are acting as immediate overhead resistance during this local breakdown. The current price is hovering right around the 0.5 retracement level. The final projected Wave (C) target sits near the 0.786 Fibonacci level (approx. 4,400), which aligns with previous structural support. Stochastic Oscillator (Stoch) The Stochastic indicator at the bottom (configured with a standard 80/20 overbought/oversold threshold) shows that momentum has recently crossed over and is heading downward out of the overbought zone (around 42.89 / 46.80). This declining momentum supports the bearish thesis of the unfolding Wave (C).