Article By RoboForex.com
Analysis for October 9th, 2014
In our previous review, “Ascending correction. Wave analysis of XAU/USD for 06.10.2014”, we discussed a possible scenario how the price may start an ascending correction iv.
Probably, the pair is forming a local ascending correction iv of (v) of a descending impulse (v). Typically, the fourth waves of impulses take the form of long horizontal corrections or flats. If this assumption is correct, then the price has already completed an ascending zigzag [A] of iv, which may be followed by a descending zigzag [B] of iv.
An alternative scenario suggests that a descending impulse (v) has already been finished. In this case, the uptrend may dominate.
Probably, the pair is forming an ascending correction iv of (v), which may take the form of a long horizontal correction.
Our expectations on the daily chart haven’t changed. According to the main scenario, the market is finishing the final descending impulse (v) of [c] of A, which may complete a large descending zigzag A.
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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.
