XAUUSD: Bears Have Completed The Correction (B)

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/29090338/Elliott-Wave-10.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Elliott Wave" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/29090338/Elliott-Wave-10.webp 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/29090338/Elliott-Wave-10-300×172.webp 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/29090249/XAUUSD1.webp"><img decoding="async" loading="lazy" class="aligncenter wp-image-204226 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/29090249/XAUUSD1.webp" alt="Chart of XAUUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/29090249/XAUUSD1.webp 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/29090249/XAUUSD1-300×157.webp 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/29090249/XAUUSD1-1024×535.webp 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/29090249/XAUUSD1-768×401.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>There is a possibility that Gold in the long term builds a primary double zigzag consisting of three main sub-waves Ⓦ-Ⓧ-Ⓨ</p>
<p>At the moment, the third sub-wave Ⓨ is under development.</p>
<p>The wave Ⓨ, judging by the structure, takes the standard shape of a zigzag. The intermediate correction (B) could come to an end, it has the form of a double zigzag. So in the near future the price may rise in an intermediate impulse (C).</p>
<p>The rise is expected to reach 2149.85, where the primary wave Ⓨ will be equal to wave Ⓦ.<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/29090312/XAUUSD2.webp"><img decoding="async" loading="lazy" class="aligncenter wp-image-204227 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/29090312/XAUUSD2.webp" alt="Chart of XAUUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/29090312/XAUUSD2.webp 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/29090312/XAUUSD2-300×157.webp 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/29090312/XAUUSD2-1024×535.webp 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/29090312/XAUUSD2-768×401.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>I suggest considering an alternative option. In this scenario, only the first part, the impulse (A), is completed inside the zigzag wave Ⓨ.</p>
<p>In the last section of the chart, we can observe a decrease in the price and the development of an intermediate correction (B), taking the form of a minor triple zigzag.</p>
<p>According to the Fibonacci lines, at the level of 1870.49, correction (B) will be at 76.4% of impulse (A). Thus, we can expect a drop to the specified level.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/06/xauusd-bears-have-completed-the-correction-b">XAUUSD: Bears Have Completed The Correction (B)</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>