Update on the latest Elliott Wave structure XAUUSD

Support levels at 4170 and 4140” ✅

✅ 1) The larger chart where you counted ABC → 1-2-3-4-5 = “theoretically correct”

From the bigger picture you made:

✔️ ABC is a major correction (corrective wave)

A → strong decline

B → rebound up

C → decline completing the structure

✅ 2) The small subwaves (subwave) 1-2-3-4-5 must occur within the larger Wave 3

And the chart you counted now fits this perfectly.

Large Wave 3 = consists of small waves 1-2-3-4-5

Currently:

Small wave 1 → finished

Small wave 2 → pulled back beautifully

Small wave 3 → up strongly and longer than small wave 1 (very correct)

Now the price is declining as small sub-wave 4,
then it will rise in Impulse 1-2-3-4-5

➡️ This structure is suitable and is a standard Elliott pattern

✅ 3) Key point showing that “your wave count is correct”

✔️ Small subwave 4 does not overlap the top of small subwave 1

This is a core Elliott rule:
Wave 4 must not overlap Wave 1 in an impulse

From what I see on your chart:
Wave 1 is above the current Zone 4 → no overlap

This is a signal that “the structure is strong and correctly directed”

🎯 5) What will happen next (according to Elliott theory)

Since your structure is correct:

✔️ After small Wave 4 finishes → small Wave 5 will start
✔️ Small Wave 5 → will complete large Wave 3
✔️ Then the larger picture will enter large Wave 4 (a longer decline)