The current Gold chart shows a large correction pattern which takes the form of a cycle triple zigzag.
The last section of the chart shows the structure of the bearish cycle intervening wave x. This looks completed in the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
In the coming trading days, prices could increase in the initial part of the cycle wave z. As shown in the chart, it could take the form of a primary standard zigzag Ⓐ-Ⓑ-Ⓒ.
The price of gold in the wave z could rise to 1865.77. At that level, it will be at 61.8% of previous actionary wave y.
Let’s consider the second scenario, where the downward movement of the pair continues in the cycle wave x. The final primary wave is under development.
The final primary wave Ⓩ could take the form of an intermediate zigzag (A)-(B)-(C).
The end of the correction (A)-(B)-(C) zigzag is possible near 1566.12. At that level, primary wave Ⓩ will be at 76.4% of primary wave Ⓨ.
Only after reaching the specified level, the development of the cycle wave z will begin.
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