Article By RoboForex.com
Analysis for August 15th, 2014
In our previous review, “The final rush to the upside. Wave analysis of XAU/USD for 08.08.2014”, we discussed a possible scenario how the price may complete an ascending zigzag e of (iv).
The updated chart structure implies that the price is about to finish the second “leg” [C] of e of (iv) of the final zigzag e of (iv) of triangle (iv). This “leg” took the form of an impulse and right now, the price is completing its horizontal correction (4) of [C] of e. Probably, in order to finish a large horizontal triangle (iv) of [c], the market needs to go through the final straight inside wave (5) of [C] of e of (iv). By the way, the final target of this uptrend may be a bit closer than it was expected earlier.
After finishing a horizontal triangle (iv) of [c] of A, the price is expected to fall lower than level of 1200 inside the final wave (v) of [c] of A.
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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Article By RoboForex.com
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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 LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
