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xauusd 1h

The current XAUUSD structure hints to a bullish impulse consisting of primary waves ①-②-③-④-⑤.

 The first four parts of the 5-wave move look fully complete, whereas wave ⑤ is still under development.

 Wave ⑤ consists of intermediate impulse waves (1)-(2)-(3)-(4)-(5).

 Wave (2) could be ending its correction shortly, which suggests that bulls could continue to push the prices to at least the 1611.9 top.

xauusd

An alternative scenario here sees the current structure corrective with wave ④ incomplete. In this projection, wave ④ is a zigzag and could be completed near 1521.6.

The estimated target is the 61.8% Fibonacci expansion of intermediate wave (A).

The post XAUUSD: Bullish Impulse Under Formation Already? appeared first on Orbex Forex Trading Blog.


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