Article By RoboForex.com
In our previous review, “Completion of a descending zigzag and continuation of an ascending one. Wave analysis of XAU/USD for 03.09.2014”, we discussed a possible scenario how the price may complete a descending zigzag [B] of e and continue the uptrend inside wave [C] of e.
Probably, the price has completed the second “leg” (C) of [B] of e of (iv) of a descending zigzag [B] of e of (iv). Right now, the market is starting the final ascending wave [C] of e of (iv) of an ascending zigzag e of (iv), maybe in the form of an impulse or diagonal triangle.
If this assumption is confirmed, one can use it to one’s own profit.
Another argument in favor of the awaited trend reverse upwards is the pattern formed by the price, “Three Indians” (in green ellipse).
An example of “Three Indians” pattern is shown on the figure above.
Free Reports:
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
Article By RoboForex.com
Attention!
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.