Article By RoboForex.com
Analysis for December 18th, 2014
In our previous review, “Start of the uptrend. Wave analysis of XAU/USD for 11.12.2014”, we discussed one of the possible scenarios how the uptrend may continue.
Possibly, the market has already completed a descending correction (ii) of [a]. if this assumption is correct, then later the uptrend may continue inside impulse (iii) of [a] of B. The critical level for this scenario is the start of this impulse at 1182.88.
An alternative scenario implies that a descending correction (ii) of [a] may yet continue in the form of a more complicated pattern.
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.
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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RoboForex Analytical Department
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.
