Article By RoboForex.com
Analysis for July 21st, 2014
In our previous review, “Inside of descending correction. Wave analysis of XAU/USD for 15.07.2014”, we discussed one of the possible scenarios how the price may form descending correction [B] of e of (iv).
Probably, inside ascending zigzag e of (iv), the price is forming local descending correction [B] of e of (iv) towards support level at ~1275. Possibly, this correction may take the form of zigzag, and right now, the pair started forming its second “leg” (C) of [B] of e of (iv).
At H1 chart, the price is probably completing local ascending correction 2 of (C) of [B] and later may continue forming this final wave (C) of [B] towards level of ~1275.
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
RoboForex Analytical Department
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Article By RoboForex.com
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
