Completed 5-wave impulse up for #XAU

From the left base -
Wave 1: Initial breakout from base
Wave 2: Pullback / higher low
Wave 3: Strong expansion
Wave 4: Sideways consolidation
Wave 5: Final push into blow-off top
This is textbook impulse behavior.
Wave 3 extended
Wave 4 sideways
Wave 5 momentum divergence where RSI confirms
We are now in an ABC correction
From the top:
A: Sharp selloff impulse down
B: Bounce back with lower high
C: Current leg down / grinding structure
Currently we are likely late B or early C and not a new bull yet because we have lower highs after the peak
Weak bounce structure
RSI failing to reclaim strength
No impulsive upside follow-through
We see distribution range with the top region showing a volatility expansion blow-off.
Rejection wicks
Failed continuation
That’s indicative of distribution not consolidation
We are seeing lower highs confirming that trend has shifted from bullish to corrective
RSI is bearish mostly 40–60
That’s a momentum change, not just a dip
So the standard ABC correction is still incomplete imo
However we must consider what might follow this current correction
For a Bullish #GOLD view then we need a new impulse starting after correction
For this to be true, you’d need:
Break above ~5,200–5,400
Strong impulsive structure
RSI expansion
But right now there is no evidence of that.