Ascending correction continues. XAU/USD wave analysis
16.10.2014
Analysis for October 16th, 2014
In our previous review, “Inside an ascending correction. Wave analysis of XAU/USD for 09.10.2014”, we discussed a possible scenario how the price may continue forming an ascending correction iv of (v).
Our expectations on the daily chart haven’t changed. According to the main scenario, the market is finishing the final descending impulse (v) of [c] of A, which may complete a large descending zigzagA. right now, the price is forming an ascending correction iv of (v).
Probably, the pair is forming a local ascending correction iv of (v), which may take the form of flat or a long horizontal correction. At the moment, the price is completing an ascending zigzag[A] of iv, which may be followed by a descending zigzag[B] of iv.
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.