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The current XAUUSD structure hints at a corrective wave ④ of a triangular nature and consists of five intermediate sub-waves (A)-(B)-(C)-(D)-(E).
Its first three parts are fully completed, whereas wave (D) is still under development.
The intermediate degree wave could be completed near 1590. At that level, the impulse waves A and C will be equal.
In standard zigzags, the actionary waves are often equal, which increases the probability of a reversal by the aforementioned area.
The intermediate wave (D) can be also seen as completed as the minor wave C of the A-B-C zigzag could have ended as part of a symmetrical triangle formation.
This could validate the recent downside as being an impulse in the intermediate wave (E).
If this effectuates, we could see intermediate wave (E) ending near 1555 area. The target will conclude the multi-month correction triangle wave ④.
In triangle patterns, price and time tend to maintain identical ratios, which means a break outside the symmetrical trend...
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