XAUUSD - SELL IDEA

I've mapped out what appears to be an Elliott Wave pattern on the 15-minute chart for Gold Spot vs. U.S. Dollar (XAUUSD). This pattern suggests an impulsive move followed by a corrective phase. The impulsive phase is marked by the waves labeled (1) through (5), where waves (1), (3), and (5) are the motive waves moving in the direction of the overall trend, and waves (2) and (4) are the smaller corrective waves against the trend.

Following the completion of the impulsive sequence, it looks like the market has begun a corrective ABC pattern, where wave (a) and (b) are visible, and wave (c) is potentially developing. I'm keeping a close eye on the Fibonacci retracement level of 1.618, which corresponds to a price of 2019.959, as this could be where wave (c) finds support, completing the corrective phase.

If the pattern holds true, the completion of this ABC correction could offer a strategic point for a long position, anticipating the resumption of the overall bullish trend. However, as with all trading strategies, it's important to consider risk management and to be prepared for unexpected moves against the anticipated direction.