XAUUSD ABC Expanded Flat in Formation.

ABC Correction on XAUUSD in play. Previous yearly high break indicates an Expanded Flat formation within which Wave B is typically between 0.78% and 1.38% of Wave A (Purple box on chart outlines this area). As you can see price broke above the 0.78% and can potentially reach the 1.38% which is at 1799.18. If this occurs then Wave C is expected to put in a deeper retracement than Wave A.

Another possibility is a shorter wave B at around 1737-1743 area which results in a shorter Wave C. Will see how it plays out this week.


**Disclaimer**
This is not trading advice and is expected to be used for analysis purposes only.

Trust your own analysis.