The current structure of the XAUUSD pair hints at a global correction pattern, which takes the form of a cycle triple zigzag.
The last section of the chart shows the structure of the bearish cycle intervening wave x, which looks completed in the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
Perhaps, after the completion of the cycle wave x, the market turned around and began to move up. That is, the initial part of the cycle wave z is being built now. It may take the form of a primary standard zigzag Ⓐ-Ⓑ-Ⓒ, as shown in the chart.
The price of gold in the wave z may rise to 1990.57. At that level, it will be at 76.4% of previous actionary wave y of the cycle degree.
In the second view, the downward movement of the pair is expected to continue in the cycle wave x. Wave x is also a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. However, the final primary wave Ⓩ is still under development.
A downward movement of XAUUSD is expected in the near future. The primary wave Ⓩ may take the form of an intermediate zigzag (A)-(B)-(C).
The final of the correction pattern zigzag (A)-(B)-(C) is possible near 1565.27. At that level, it will be at 76.4% of primary wave Ⓨ.
Only after reaching the specified level, the development of the cycle wave z will begin.
