XAUUSD Incomplete Triple Zigzag Hints at Further Growth
It is assumed that a triple zigzag pattern is formed for gold in the long term. This consists of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. Perhaps the first two sub-waves Ⓦ-Ⓧ have ended, and the third sub-wave Ⓨ is under development. The internal structure suggests that the wave Ⓨ forms an intermediate triple zigzag. We can see that sub-waves […] The post XAUUSD Incomplete Triple Zigzag Hints at Further Growth appeared first on Orbex Forex Trading Blog.
It is assumed that a triple zigzag pattern is formed for gold in the long term. This consists of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
Perhaps the first two sub-waves Ⓦ-Ⓧ have ended, and the third sub-wave Ⓨ is under development.
The internal structure suggests that the wave Ⓨ forms an intermediate triple zigzag. We can see that sub-waves (W)-(X)-(Y)-(X) have ended.
Thus, in the near future we can expect a possible price rise and the development of the final intermediate wave (Z). Its end can be expected near 2003.60. At that level, it will be 61.8% of previous actionary wave (Y).
However, the primary actionary wave Ⓨ could have ended, it is a double zigzag (W)-(X)-(Y).
Thus, in the near future, the price could move down, forming a primary intervening wave Ⓧ. Perhaps it takes the form of an intermediate zigzag (A)-(B)-(C).
We will probably observe the end of the wave Ⓧ near 1747.67. At that level, it will be at 61.8% of wave Ⓨ.
The post XAUUSD Incomplete Triple Zigzag Hints at Further Growth appeared first on Orbex Forex Trading Blog.
