Forex Trading Library

XAUUSD: A Flat Corrective 4th?

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XAUUSD seems to be going ahead with wave ⑤ of the bullish impulse consisting of primary sub-waves ①-②-③-④-⑤.

The current structure suggests that we are in the corrective wave④, and perhaps that wave has not yet completed its pattern.

Its formation reminds a flat that consists of intermediate sub-waves (А)-(В)-(С). With (A) completed, (B) looking underway and (C) reached in the medium term, it is preferable to add this pair on our watchlist!XAUUSD 1D

A closer look shows intermediate wave (А) having completed a bearish А-В-С zigzag that could be replicated with a bullish zigzag (В) consisting of minor sub-waves А-В-С.

Waves А and С are 5-wave impulse patterns and wave B is a minute ⓐ-ⓑ-ⓒ-ⓓ-ⓔ triangle.  In the next coming trading days, we could expect the pair to rise within a 5-wave impulse minor near 1545.77.

The target would respect the tenancy of zigzag waves А and С being equal.XAUUSD


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