Forex Trading Library

XAUUSD Correction Enters Triple Zigzag!

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XAUUSD seems to form a large correction pattern forming a cycle triple zigzag.

The 1-hour timeframe shows the final part of the completed cycle intervening wave x. This is a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

There is a possibility that the cycle wave z also takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

The primary wave Ⓨ could end in the form of an intermediate double combination (W)-(X)-(Y) near 1853.21. At that level, wave Ⓨ will be at 76.4% of wave Ⓦ.


Let’s consider an alternative option, where the downward movement of the pair in the cycle wave x will continue. The final primary wave is under development. It could take the form of an intermediate zigzag (A)-(B)-(C).

Thus, a downward movement of XAUUSD is likely in the near future.

The final of the correction pattern zigzag (A)-(B)-(C) is possible at 1615.00. That is, near the minimum marked by the intermediate impulse wave (A).


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