Detalization of descending zigzag. XAU/USD wave analysis.

Analysis for July 23^rd, 2014

In our previous review, “Completion of descending zigzag. Wave analysis of XAU/USD for 21.07.2014”, we discussed possible scenario how the price may form descending correction [B] of e of (iv).



At H1 chart, price is probably completing horizontal running triangle(B) of [B] and later may continue forming final wave (C) of [B] of zigzag[B] of e of (iv) towards level of ~1275.



Wave structure at the H4 chart implies that inside ascending zigzage of (iv), the price is forming local descending correction [B] of e of (iv), maybe in the form of zigzag, towards support level at ~1275. Right now, the pair is expected to start forming its final “leg” (C) of [B] of e 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