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XAUUSD Double Zigzag Hits Equality

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Chart of XAUUSD

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 Ⓦ.

Chart of XAUUSD

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 Ⓨ.

Teat your strategy on how the XAUUSD will fare with Orbex

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