The current XAUUSD structure hints to a bullish 5-wave impulse consisting of primary sub-waves ①-②-③-④-⑤.
Wave ③ of this impulse is a fully completed impulse, where the intermediate wave (1) is the leading diagonal, and the wave (4) is the horizontal triangle.
The primary wave ④, which is a zigzag, was recently completed, after which the market continued to move in a bullish direction in the primary wave ⑤.
During the next coming trading days, the market is expected to grow in the specified 5-wave impulse above 1689.95, i.e. above the level of the previous maximum, which was formed by wave ③.
If we consider an alternative scenario, we can see that the primary wave ④ is still being formed at the time of writing.
It may be a horizontal triangle consisting of intermediate sub-waves (A)-(B)-(C)-(D)-(E).
If this assumption is correct, in the near future the market expects growth near 1662.24, since at that level, intermediate wave (B) will be at the 78.6% of intermediate wave (A).
The approximate scheme of possible future movement is shown on the chart.
