Forex Trading Library

XAUUSD Intermediate Triple Zigzag To End Near $2K!

0 180

Chart of XAUUSD

XAUUSD continues developing a large correction pattern that forms a cycle triple zigzag.

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

It is possible that the primary wave Ⓨ will end in the form of an intermediate triple combination (W)-(X)-(Y)-(X)-(Z) near 1992.12. At that level, wave (Z) will be at 61.8% of wave (Y).

An approximate scheme of possible future movement is shown on the chart.

Chart of XAUUSD

Alternatively, the primary actionary wave Ⓨ could have ended. It is a double zigzag (W)-(X)-(Y).

Thus, in the near future, prices could lower forming a primary intervening wave Ⓧ. It is still difficult to say which correction model it will take, but we can assume where it will end with the help of Fibonacci lines.

Perhaps we will observe the end of the wave Ⓧ near 1810.05. At that level, it will be at 38.2% of wave Ⓨ.

Test your strategy on how the XAUUSD will fare with Orbex

Leave A Reply

Your email address will not be published.