XAUUSD Final Intermediate Correction Underway

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The XAUUSD structure indicates a horizontal intermediate corrective wave (4) consisting of minor sub-waves W-X-Y-X-Z.

Once intervening wave X ended, bearish impulse wave ⓐ began its formation, being the first part of zigzag Z.

As impulse wave ⓐ is completed, a rise in the corrective wave ⓑ near 1905.14 is likely. At that level, wave ⓑ will be at 50% of wave ⓐ.

Then we can expect a decline in wave ⓒ to 1827.95. This is a confluence of the support line drawn through the lows of W and Y.

Finally, a rise in the intermediate impulse (5) above the previous maximum will conclude.

An alternative scenario indicates that the corrective wave (4) takes the form of a flat А-В-С.

Minor sub-waves A and B are fully completed, and the impulse wave C recently began its formation. Therefore, a decline in wave C to the 1794.28 area is possible in the near future.

At that level, intermediate corrective wave (4) will be at 76.4% of the previous large bullish impulse (3).

Subsequently, bullish impulse wave (5), will move above the level of the previous high.

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