According to the scenario. XAU/USD wave analysis

22.09.2014

Analysis for September 22nd, 2014



In our previous review, “At the crossroads. Wave analysis of XAU/USD for 12.09.2014”, we discussed a possible scenario how the price may form the final descending impulse (v) of [c] of A.



The wave structure on the daily chart hasn’t changed much – a possible triangle(iv) of [c] of A has been already completed or is getting bigger that we expected earlier.

In the former case, the price may have finished (or may be finishing right now) a descending impulse iii of (v) of [c] of the final impulse (v) of [c]. If it’s true, then the price is expected to form a slight ascending correction iv of (v) towards level of ~1250, after which it may continue falling inside the final wave v of (v).

An alternative scenario (colored in grey) implies that the pair is finishing a descending double zigzagd of (iv) of [c] of a large triangle(iv) of [c]. If the price chooses to continue this scenario, the market is expected to form a large ascending zigzage of (iv) towards level of ~1300.



Probably, a descending impulse iii of (v) is taking the form of an extension. Possibly, this impulse may have already been completed. However, the price may form several inner levels and continue this extension.

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.