XAUUSD: Elliott wave analysis and forecast for 06.01.23 – 13.01.23

2023-01-06 2023-01-06
XAUUSD: Elliott wave analysis and forecast for 06.01.23 – 13.01.23logo

Main scenario: consider short positions from corrections below the level of 1866.32 with a target of 1741.81 – 1711.41.

Alternative scenario: breakout and consolidation above the level of 1866.32 will allow the pair to continue rising to the levels of 1920.84 – 1950.00.

Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart, with wave С of (4) completed inside. The fifth wave (5) appears to be forming on the H4 chart, with the first counter-trend wave of smaller degree i of 1 of (5) completed as its part. Apparently, a local correction started to form as wave ii of 1 of (5) on the H1 chart. If this assumption is correct, the pair will continue falling to the levels of 1741.81 – 1711.41. The level of 1866.32 is critical in this scenario as a breakout will enable the pair to continue growing to the levels of 1920.84 – 1950.00.

Price chart of XAUUSD in real time mode

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