2023.04.07 2023.04.07
XAUUSD: Elliott wave analysis and forecast for 07.04.23 – 14.04.23Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/
Main scenario: consider long positions from corrections above the level of 1891.42 with a target of 2050.00 – 2100.00.
Alternative scenario: breakout and consolidation below the level of 1891.42 will allow the pair to continue declining to the levels of 1859.35 – 1805.16.
Analysis: on the daily chart, a downside correction presumably finished developing as the fourth wave of larger degree (4), and the fifth wave (5) is forming. Apparently, the first wave of smaller degree 1 of (5) is formed and a local correction is completed as second wave 2 of (5) on the H4 chart. The third wave 3 of (5) started unfolding, with wave i of 3 continuing developing as its part. Wave (iii) of i of 3 and a corrective wave (iv) of i of 3 are formed on the H1 chart. Wave (v) of i of 3 is currently unfolding. If the presumption is correct, the pair will continue to rise to the levels of 2050.00 – 2100.00. The level of 1891.42 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1859.35 – 1805.16.
Price chart of XAUUSD in real time mode
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