HomeContributorsTechnical AnalysisXAUUSD: Middle Leg Of The Correction Pattern Nears Completion Level!

XAUUSD: Middle Leg Of The Correction Pattern Nears Completion Level!

XAUUSD seems to be forming a large correction pattern taking the form of a cycle triple zigzag.

The 1-hour timeframe shows the final part of the completed cycle intervening wave x, which is a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

There is a possibility that the cycle wave z also takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ, and now the price is in the second actionary wave Ⓨ.

It is assumed that the primary wave Ⓨ may end in the form of an intermediate double combination (W)-(X)-(Y) near 1853.21. At that level, wave Ⓨ will be at 76.4% of wave Ⓦ.

Let’s consider an alternative option, where the downward movement of the pair in the cycle wave x will continue. The final primary wave is under development. It may take the form of an intermediate zigzag (A)-(B)-(C).

Thus, a downward movement of XAUUSD is expected in the near future.

The final of the correction pattern zigzag (A)-(B)-(C) is possible at 1615.00. That is, near the minimum marked by the intermediate impulse wave (A).

Orbex
Orbexhttp://www.orbex.com/en/agent/cl/ccc678cb86b9
At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading