Forex Trading Library

XAUUSD: Bears Have Completed The Correction (B)

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Chart of XAUUSD

There is a possibility that Gold in the long term builds a primary double zigzag consisting of three main sub-waves Ⓦ-Ⓧ-Ⓨ

At the moment, the third sub-wave Ⓨ is under development.

The wave Ⓨ, judging by the structure, takes the standard shape of a zigzag. The intermediate correction (B) could come to an end, it has the form of a double zigzag. So in the near future the price may rise in an intermediate impulse (C).

The rise is expected to reach 2149.85, where the primary wave Ⓨ will be equal to wave Ⓦ.
Chart of XAUUSD

I suggest considering an alternative option. In this scenario, only the first part, the impulse (A), is completed inside the zigzag wave Ⓨ.

In the last section of the chart, we can observe a decrease in the price and the development of an intermediate correction (B), taking the form of a minor triple zigzag.

According to the Fibonacci lines, at the level of 1870.49, correction (B) will be at 76.4% of impulse (A). Thus, we can expect a drop to the specified level.

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