2023.05.12 2023.05.12
XAUUSD: Elliott wave analysis and forecast for 12.05.23 – 19.05.23Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/
Main scenario: consider long positions above the level of 1973.96 with a target of 2100.00 – 2172.16 after correction.
Alternative scenario: breakout and consolidation below the level of 1973.96 will allow the pair to continue declining to the levels of 1926.90 – 1897.94.
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. Wave (i) of iii is formed on the H1 chart, and a local correction is nearing completion as wave (ii) of iii. If the presumption is correct, the pair will continue to rise to the levels of 2100.00 – 2172.16. The level of 1973.96 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1926.90 – 1897.94.
Price chart of XAUUSD in real time mode
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