By Orbex
The current XAUUSD formation suggests that the market has completed the construction of a cycle intervening wave x. It took the form of a primary double zigzag. This is marked with three green sub-waves Ⓦ-Ⓧ-Ⓨ.
In the upcoming trading weeks, the development of an impulse pattern is likely. The first half of the impulse includes intermediate sub-waves (1)-(2)-(3).
The market could fall below the previous low of 1786.08. A minute second correction formed this level.
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An alternative option shows the development of cycle intervening wave x has not ended. Most likely, its last leg, the actionary wave Ⓨ of the primary degree, is currently under construction.
In the final intermediate sub-wave (Y) two parts have ended. These are impulse A and the horizontal correction B in the form of a double three.
In the near future, the upward movement could continue in the minor impulse wave C. In other words, it could continue in its final part – the bullish impulse ⓥ.
There is a chance that the bulls will be able to push the price to the level of 1916.08, at which wave C will be at 200% of wave A.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
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