2023.08.18 2023.08.18
XAUUSD: Elliott wave analysis and forecast for 18.08.23 – 25.08.23Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/
Main scenario: consider short positions from corrections below the level of 1973.77 with a target of 1834.55 – 1781.66.
Alternative scenario: breakout and consolidation above the level of 1973.77 will allow the pair to continue rising to the levels of 2059.86 – 2120.00.
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 1 of (5) is formed on the H4 chart, and a downward correction continues developing as the second wave 2 of (5). Wave c of 2 is developing on the H1 time frame chart, with the third wave of smaller degree (iii) of c developing inside. If the presumption is correct, the pair will continue to drop to the levels of 1834.55 – 1781.66. The level of 1973.77 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 2059.86 – 2120.00.
Price chart of XAUUSD in real time mode
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