Forex Trading Library

XAUUSD 5th Wave Now Underway!

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The XAUUSD structure shows a bullish impulse consisting of waves ①-②-③-④-⑤.

A double zigzag completed the corrective move in wave ④. The complex pattern consists of intermediate waves (W)-(X)-(Y).

This is now followed by the final impulse move in wave ⑤.

With intermediate waves (1)-(2) and (3) complete, we could expect wave (4) prices to lift up to 1816.60.

At that level, primary wave ⑤ will reach 150% of wave ③.xauusd

An alternative scenario sees the corrective wave ④ as incomplete.

The primary-degree move takes the form of a triple zigzag. This consists of sub-waves (W)-(X)-(Y)-(X)-(Z).

With most of its parts complete, we expect a decline in intermediate wave (Z). This indicates that the triple combination could end near 1689.50.

At that level prices will interact with the trendline support.

A rejection at the said level can be expected to trigger the last upside leg in wave ⑤.

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