XAUUSD ZigZag To Complete Correction

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The medium-term XAUUSD structure shows a deep intermediate correction wave (4). It takes the form of a minor triple W-X-Y-X-Z zigzag.

Waves W, X, Y, and X are complete, whereas wave Z is still under construction. The bearish wave Z, like the other actionary sub-waves W and Y, takes the shape of a standard zigzag.

At the moment, we see the completed minute impulse ⓐ. Thus, in the near future, the pair is expected to rise in a minute correction ⓑ to the 1900.22 area. At that level, it will be at 61.8% of wave ⓐ.

Then, minute impulse wave ⓒ can send prices to the previous low of 1762.30, which was formed by the minor wave Y.

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An alternative also shows the construction of the final leg of the bearish triple zigzag.

However, minute sub-waves ⓐ and ⓑ have ended, and the formation of the bearish impulse wave ⓒ has begun.

The decline of the currency pair is expected to reach 1752.05. At that level, wave ⓒ will be at 76.4% of  impulse ⓐ.

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