In the long term, XAUUSD builds a primary double zigzag consisting of three main sub-waves Ⓦ-Ⓧ-Ⓨ.
There is a high probability that a third sub-wave Ⓨ is under development.
Judging by the internal structure, the wave Ⓨ will take a standard zigzag shape. An intermediate correction (B) in the form of a double zigzag could have ended recently, so in the near future the price may rise in an intermediate impulse (C).
The rise is expected to reach 2149.85, where the primary wave Ⓨ will be equal to the wave Ⓦ.
Let’s consider an alternative scenario in which only the first part, the impulse (A), is completed inside the zigzag wave.
At the moment, we can observe a decrease in the price and the development of an intermediate correction (B). It seems that it takes the form of a minor triple zigzag.
According to the Fibonacci lines, at the level of 1870.63, correction (B) will be at 76.4% of impulse (A). Thus, we can expect a drop to the specified level.
The post XAUUSD Intermediate Correction Begins Bullish Impulse appeared first on Orbex Forex Trading Blog.
