The XAUUSD structure indicates that a bearish corrective wave (4) has ended. A rise in a new bullish impulse formed the minor waves 1 and 2.
Minor wave 3 is currently under development with the structure schematically on the chart.
With wave 3 rising, prices could reach the level of 1940.11. At that level, wave 3 will be at 161.8% of impulse 1.
However, the alternative scenario indicates an incomplete intermediate correction (4). In this situation, we are now in the final part of the second intervening wave X, which is a minute triple zigzag.
In the short term, we can expect an increase in the wave ⓩ near 1818.01. At that level, wave X will be at 50% of wave Y.
Finally, wave Z can end a long correction just below the previous low of 1678.01.
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