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xauusd elliott

XAUUSD shows a bullish impulse of the cycle degree that consists of primary sub-waves ①-②-③-④-⑤.

The current structure suggests that we are in the final wave ⑤.

Wave ⑤ resembles an impeding ending diagonal. That consists of five intermediate sub-waves (1)-(2)-(3)-(4)-(5).

The end of wave (5) could take prices up to 1807. At that level, wave (5) will be at 161.8% of wave (3).

xauusd

However, an alternative scenario is suggesting an incomplete wave ④.

In that case, wave ④ could be a double three, consisting of intermediate sub-waves (W)-(X)-(Y).

In the short term, we can expect a double zigzag in wave (Y) near the 1680.63 area. The target is the lower trendline of wave (W).

Once the primary correction ④ ends, the market could ride wave ⑤.

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The post Is XAUUSD in an Ending Triangle? appeared first on Orbex Forex Trading Blog.


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