Start of the uptrend. XAU/USD wave analysis
21.11.2014
Analysis for November 21st, 2014
In our previous review, “Completion of the downtrend. Wave analysis of XAU/USD for 13.11.2014”, we discussed one of the possible scenarios how the price may complete the downtrend and start the uptrend.
Wave [5] of a descending impulse v of (v) of [c] of A gave a surprise and was completed with a truncation. It may indirectly imply the strength of the new uptrend. Possibly, the market has started the expected uptrend with impulse (i) of [a] of B. The critical level for this scenario is the possible ending of wave A at 1146.47.
The wave structure on the daily chart implies that the price may be forming a large ascending zigzagB.
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
Attention!
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.