XAUUSD Rolls Back a five-wave Decline
Updated
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Let's take a look at XAUUSD from the point of view of the Wave Principle and try to describe what is waiting for us and what is not worth waiting for.
The decline from $1916 to $1750 consists of five waves, and this is an impulse. At the end of the pulse, it is logical to expect a three-wave rollback. Probably now the wave ((a)) of 2 is being completed in the form of an impulse. Therefore, wave 2 takes the form of a zigzag.
I expect that in the coming days, the wave ((b)) of 2 will begin to develop. Since wave 2 is a zigzag, wave ((b)) of 2 should not end below $1750.
Let's take a look at XAUUSD from the point of view of the Wave Principle and try to describe what is waiting for us and what is not worth waiting for.
The decline from $1916 to $1750 consists of five waves, and this is an impulse. At the end of the pulse, it is logical to expect a three-wave rollback. Probably now the wave ((a)) of 2 is being completed in the form of an impulse. Therefore, wave 2 takes the form of a zigzag.
I expect that in the coming days, the wave ((b)) of 2 will begin to develop. Since wave 2 is a zigzag, wave ((b)) of 2 should not end below $1750.
Note
So far, everything is going according to plan. Wave ((b)) is not completed yet.
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