2023.06.16 2023.06.16
XAUUSD: Elliott wave analysis and forecast for 16.06.23 – 23.06.23Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/
Main scenario: consider short positions from corrections below the level of 2005.76 with a target of 1883.73 – 1836.74 once a correction is completed.
Alternative scenario: breakout and consolidation above the level of 2005.76 will allow the pair to continue rising to the levels of 2060.00 – 2100.00.
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 on the H4 chart, and a local correction is developing as the second wave 2 of (5). Wave а of 2 is completed on the H1 chart. If the presumption is correct, the pair will continue to drop to the levels of 1883.73 – 1836.74 after the corrective wave b of 2 is completed. The level of 2005.76 is critical in this scenario as a breakout will enable the pair to continue growing to the levels of 2060.00 – 2100.00.
Price chart of XAUUSD in real time mode
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