In the long term, XAUUSD looks at forming a double zigzag pattern. This consists of sub-waves Ⓦ-Ⓧ-Ⓨ inside the cycle wave z.
The first two sub-waves Ⓦ-Ⓧ have already ended, and wave Ⓨ is under development.
Perhaps the wave Ⓨ takes the form of an intermediate zigzag (A)-(B)-(C).
The end of the potential zigzag is expected to reach the 2151.79 area. At that level, primary wave Ⓨ will be equal to actionary wave Ⓦ.
In the second variant, the primary actionary wave Ⓨ has ended as a double zigzag (W)-(X)-(Y). The entire cycle wave z can take a more complex form of a triple zigzag.
Thus, in the near future, the price could move lower and form a primary intervening wave Ⓧ. This is like an intermediate zigzag (A)-(B)-(C).
Wave Ⓧ is likely to end near 1697.96. At that level, it will be at 76.4% of wave Ⓨ.
