Article By RoboForex.com
In our previous review, “The uptrend? Wave analysis of XAU/USD for 04.12.2014”, we discussed one of the possible scenarios how the price may start the uptrend.
Probably, the uptrend started with wedge (i) of [a] of B and may continue inside impulse (iii) of [a] of B after completing a descending correction (ii) of [a] of B. The critical level for this scenario is the start of an ascending wedge (i) of [a] of B at 1131.37.
The wave structure on the daily chart implies that the price may be forming a large ascending zigzag B. Right now, the pair is forming wedge (i) of [a] of B of its first ascending “leg” [a] of B, which may be followed a descending correction (ii) of [a].
The predicted target of a large ascending zigzag B of (4) is at either level of ~1500 or ~1800. The target will be specified as the market continues forming zigzag B.
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
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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.