Running triangle, still in play.
Macro update — bias shift
Bias has shifted again to short after US strikes on Iranian missile sites. The geopolitical leg of the trade has flipped — now aligning with the running-triangle Wave 5 read below.
The running triangle scenario for Wave 4 remains valid and still appears to be in play on XAUUSD. Price action continues to show overlapping corrective structure rather than impulsive behavior, which is typical during triangle development.
At the moment, the market is still trapped inside compression with bulls and bears fighting for short-term control. The recent bounce from the lower support region keeps the possibility alive for a final Wave (E) push higher before the larger bearish continuation unfolds.
As long as invalidation remains untouched, we continue to treat the current structure as a potential running triangle rather than a completed correction. The key focus now shifts to lower-timeframe behavior and whether Wave (E) can extend toward the upper resistance zone while maintaining corrective characteristics.
A completed Wave (E) would likely set the stage for the next impulsive downside move into Wave 5. Until then, patience is required — triangles are designed to create confusion, fakeouts, and difficult trading conditions before expansion occurs.
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Educational content only. Not financial advice. Triangles are notoriously difficult to trade — invalidation matters.
Disclaimer: Not Financial Advice
The content provided on WXYwaves is for educational and informational purposes only. It should not be construed as professional financial advice. Trading financial markets involves a high degree of risk and is not suitable for all investors. You could lose some or all of your initial investment.