XAUUSD Has Intermediate Correction (4) Ended?

By Orbex

The current XAUUSD structure suggests that the intermediate correction wave (4), which is currently under construction, is a triple zigzag. This triple zigzag consists of minor sub-waves W-X-Y-X-Z.

The second minor intervening wave X has ended. The final minor wave Z is a double zigzag of a minute degree.

It is possible that the wave ⓨ will take the form of a double combination, as shown in the chart, and will complete its pattern near 1636.45. At that level, minor waves Y and Z will be equal.

The alternative scenario suggests that the formation of the intermediate correction (4) has ended.

To confirm this option, the development of wave (5) in an impulse or an ending diagonal will be required.

The price of gold could grow significantly above the level of 1917.03. This was shown by the minor intervening wave X.

By Orbex