Most likely, as a few weeks ago, a large correction pattern is forming on XAUUSD, taking the form of a cycle triple zigzag.
The 1H timeframe shows the structure of the completed cycle intervening wave x, which looks like a bearish triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
There is a possibility that the cycle wave z takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, and now the price is in the second actionary wave Ⓨ.
It is assumed that the primary double zigzag may end near 1802.65. At that level, wave Ⓨ will be at 161.8% of wave Ⓦ.
However, there is a possibility where the downward movement of the pair will continue in the cycle wave x. The final primary wave is under development.
Thus, 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 1563.07. At that level, primary wave Ⓩ will be at 76.4% of primary wave Ⓨ.
Only after reaching the specified level, the development of the cycle wave z will begin.
