Key Points
- Green wave (Y) and red wave 4 are now labeled at the latest corrective low, following the previously projected decline.
- The H1 forecast path points upward toward red wave 5 and the completion of blue wave c; this advance has not yet occurred.
- The chart identifies 4,128.21 as the upside-continuation reference and 3,971.53 as bullish-scenario invalidation.
Gold price: The XAUUSD one-hour chart displayed $4,045.24 at 2:28:42 a.m. New York time on November 6, 2026. Its recorded daily opening price was $4,087.81, with a high of $4,107.01 and a low of $4,035.78. These are chart-snapshot figures, not a live-price update.
Gold's latest Elliott Wave count shifts attention from an unfinished decline to the possibility that its fourth-wave correction has ended. The November 5 New York-session analysis still projected a downward green wave (Y) within the W–X–Y sequence before red wave 4 could conclude. On the November 6 chart, green (Y) and red 4 are both positioned at the latest trough, following the purple A–B–C subdivisions and green waves (W) and (X). That represents progress in the anticipated structure, not definitive confirmation of a low.
From the last visible candles, the analyst's blue forecast arrow projects a renewed rise toward red wave 5, completing blue wave c. The chart marks $4,128.21 as “Continue Higher,” an upside-continuation reference rather than a final target. $3,971.53 remains the explicit invalidation level for the bullish scenario. Neither the prospective fifth-wave advance nor its endpoint is established by the observed candles.
Technical Outlook — November 6, 2026
- Timeframe: H1 (one hour).
- Current count: Red wave 4 provisionally completed with green wave (Y).
- Projected next wave: Red 5 upward, within blue c.
- Continuation reference: $4,128.21.
- Invalidation: $3,971.53.
Trader's Question: Does labeling wave 4 at the recent low confirm the next upward leg?
Answer: No. The labeling identifies a possible structural completion; confirmation would require subsequent price action consistent with the forecast advance. The blue arrow remains a projection, not a completed move.
For education and general market information only; not investment advice.
