Sat, Feb 04, 2023 @ 13:11 GMT
HomeContributorsTechnical AnalysisXAU/USD: Intermediate Triple Zigzag Likely to Complete Near 1992.12

XAU/USD: Intermediate Triple Zigzag Likely to Complete Near 1992.12

XAUUSD continues the development of a large correction pattern taking the form of a cycle triple zigzag.

There is a possibility that the cycle wave z, which is currently under development, also takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ, and now the price is in the second actionary wave Ⓨ.

It is possible that the primary wave Ⓨ will end in the form of an intermediate triple combination (W)-(X)-(Y)-(X)-(Z) near 1992.12. At that level, wave (Z) will be at 61.8% of wave (Y).

An approximate scheme of possible future movement is shown on the chart.

Alternatively, the primary actionary wave Ⓨ could be fully completed. It is a double zigzag (W)-(X)-(Y).

Thus, in the near future, the price may move down, forming a primary intervening wave Ⓧ. It is still difficult to say which correction model it will take, but we can assume where it will end with the help of Fibonacci lines.

Perhaps we will observe the end of the wave Ⓧ near 1810.05. At that level, it will be at 38.2% of wave Ⓨ.

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