2023.04.14 2023.04.14
XAUUSD: Elliott wave analysis and forecast for 14.04.23 – 21.04.23Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/
Main scenario: consider long positions from corrections above the level of 1978.84 with a target of 2100.00 – 2172.16.
Alternative scenario: Breakout and consolidation below the level of 1978.84 will allow the pair to continue declining to the levels of 1925.54 – 1896.41.
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 (v) of i of 3 is developing on the H1 chart, with wave v of (v) of i forming as its part. If the presumption is correct, the pair will continue to rise to the levels of 2100.00 – 2172.16. The level of 1978.84 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1925.54 – 1896.41.
Price chart of XAUUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.
Rate this article:
( {{count}} {{title}} )