Forex Trading Library

XAUUSD Incomplete Triple Zigzag Hints at Further Growth

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Chart of XAUUSD

It is assumed that a triple zigzag pattern is formed for gold in the long term. This consists of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

Perhaps the first two sub-waves Ⓦ-Ⓧ have ended, and the third sub-wave Ⓨ is under development.

The internal structure suggests that the wave Ⓨ forms an intermediate triple zigzag. We can see that sub-waves (W)-(X)-(Y)-(X) have ended.

Thus, in the near future we can expect a possible price rise and the development of the final intermediate wave (Z). Its end can be expected near 2003.60. At that level, it will be 61.8% of previous actionary wave (Y).

Chart of XAUUSD

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

Thus, in the near future, the price could move down, forming a primary intervening wave Ⓧ. Perhaps it takes the form of an intermediate zigzag (A)-(B)-(C).

We will probably observe the end of the wave Ⓧ near 1747.67. At that level, it will be at 61.8% of wave Ⓨ.

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