2023.07.21 2023.07.21
XAUUSD: Elliott wave analysis and forecast for 21.07.23 – 28.07.23Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/
Main scenario: consider long positions from corrections above the level of 1945.51 with a target of 2022.28 – 2059.86.
Alternative scenario: breakout and consolidation below the level of 1945.51 will allow the pair to continue declining to the levels of 1887.50 – 1836.74.
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 and a bearish correction is completed as second wave 2 of (5) on the H4 chart. Presumably the third wave 3 of (5) is unfolding. The first counter-trend wave of smaller degree i of 3 is developing on the H1 chart, with wave (iii) of i continuing forming as its part. If the presumption is correct, the pair will continue to rise to the levels of 2022.28 – 2059.86. The level of 1945.51 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1887.50 – 1836.74.
Price chart of XAUUSD in real time mode
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