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