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XAUUSD Double Three or Flat?

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The XAUUSD structure shows a bearish triple zigzag consisting of minor sub-waves W-X-Y-X-Z.

Actionary wave Z is forming a minute ⓐ-ⓑ-ⓒ zigzag. Wave ⓐ is an impulse and wave ⓑ is an incomplete correction in the form of a double three (w)-(x)-(y).

To complete the specified three, the minuet wave (y) must be completed. We could soon see the end of the subminuette correction b near 1810.16. At that level, wave b will be at 61.8% of wave a.

The price is likely to increase in impulse c above the high of 1875.66.

xauusd

The alternative assumes that the sub-waves ⓐ and ⓑ of the minor wave Z have ended. In this scenario, the correction ⓑ is flat.

At the moment, we see the formation of the initial part of the bearish impulse wave ⓒ.

It is possible that the impulse decline will be completed in the 1744.14 area. At that level, wave ⓒ will be at 76.4% of impulse ⓐ.

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