XAUUSD Double Zigzag Hits Equality
(Click on image to enlarge)
In the long term, XAUUSD looks at forming a double zigzag pattern. This consists of sub-waves Ⓦ-Ⓧ-Ⓨ inside the cycle wave z.
The first two sub-waves Ⓦ-Ⓧ have already ended, and wave Ⓨ is under development.
Perhaps the wave Ⓨ takes the form of an intermediate zigzag (A)-(B)-(C).
The end of the potential zigzag is expected to reach the 2151.79 area. At that level, primary wave Ⓨ will be equal to actionary wave Ⓦ.
(Click on image to enlarge)
In the second variant, the primary actionary wave Ⓨ has ended as a double zigzag (W)-(X)-(Y). The entire cycle wave z can take a more complex form of a triple zigzag.
Thus, in the near future, the price could move lower and form a primary intervening wave Ⓧ. This is like an intermediate zigzag (A)-(B)-(C).
Wave Ⓧ is likely to end near 1697.96. At that level, it will be at 76.4% of wave Ⓨ.
More By This Author:
The Week Ahead – Let It Sink In
What To Expect From China’s National People’s Congress
XAGUSD Bearish Wave Ⓧ Begins Bullish Wave Ⓩ
Disclaimer: Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number ...
more
Comments
No Thumbs up yet!
