XAUUSD — Wave 5 Loading, Eyeing 4,401 After BSL Sweep at 4,509

Honestly this setup feels clean to me right now. Gold just swept BSL above 4,509, got rejected hard, and that Wave 4 high is done. Structure has been printing lower highs and lower lows since 4,580 — the BOS and ChoCH already confirmed the flip, and now I think we’re in Wave 5 heading straight toward that unfilled FVG sitting at 4,401–4,420 from late May. That zone has been untouched for over a week and it’s acting like a magnet.

The play I’m watching is a retest into 4,465–4,492. That’s the OB confluence sitting right at the 0.618 retracement of the last drop — premium territory in a bearish structure. If price pushes back up into that zone and I see a pin bar or engulfing rejection on H1, that’s my trigger. No confirmation, no entry. Simple.

First target is 4,443–4,445, then I’m looking at 4,401–4,402 for the real SSL sweep. If momentum extends, 4,370–4,375 is the 1.618 projection and I wouldn’t be surprised to see it tag that before any meaningful reversal.

Only thing that kills this — a clean H1 close above 4,510. If that happens, Wave 4 isn’t done and I’m stepping aside completely. But until then, every bounce into that sell zone looks like distribution to me.