Trader, analyst and instructor with a 6-year experience

XAU/USD: weekly wave analysis

Roman Petuchov

Weekly. The market keeps on forming the global corrective wave [4] on the weekly chart. This is a descending zigzag with an impulse (С) of [4] inside. 

Daily. After the end of the global converging horizontal triangle IV the price fell in a new bearish impulse V. Wave [4] of V is now being formed. After that the decline will continue in a impulse [5]. 

H4. Wave  [4] is a double zigzag (w)-(x)-(y). As for now, the market is forming a bullish zigzag (y). Today and in the coming days a bullish impulse C will be built. After that a new local descending trend [5] will likely follow.

Scroll to top