By Orbex
The XAUUSD formation suggests that the current intermediate correction wave (4), is a triple zigzag consisting of minor sub-waves W-X-Y-X-Z.
The second intervening wave X has ended, and the final minor wave Z looks almost complete. The internal structure looks to be a double zigzag of the minute degree. The completion requires the construction of the actionary wave ⓨ.
It is possible that wave ⓨ will take the form of a double combination, as shown in the chart, and will complete its pattern near 1636.55. At that level, minor waves Y and Z will be equal.
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The alternative scenario suggests that the formation of the intermediate correction (4) has been fully completed.
To confirm this option, bullish market growth and the development of an intermediate wave (5) are relevant. Most likely, it will take the form of an impulse, which will consist of five minor sub-waves 1-2-3-4-5, as shown in the chart.
The price of gold could grow significantly above the level of 1917.03, shown by the minor intervening wave X.
Article by Orbex
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