2023.04.21 2023.04.21
XAUUSD: Elliott wave analysis and forecast for 21.04.23 – 28.04.23Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/
Main scenario: consider long positions above the level of 1927.15 with a target of 2100.00 – 2172.16 after correction.
Alternative scenario: breakout and consolidation below the level of 1927.15 will allow the pair to continue declining to the levels of 1863.57 – 1806.25.
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 formed as its part. A local correction is developing as the second wave ii of 3 on the H1 chart, with wave (b) of ii forming as its part. If the presumption is correct, the pair will continue to rise to the levels of 2100.00 – 2172.16 after the correction is completed. The level of 1927.15 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1863.57 – 1806.25.
Price chart of XAUUSD in real time mode
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