XAUUSD: Elliott wave analysis and forecast for 24.02.23 – 03.03.23

2023.02.24 2023.02.24
XAUUSD: Elliott wave analysis and forecast for 24.02.23 – 03.03.23logo

Main scenario: consider short positions from corrections below the level of 1847.94 with a target of 1788.55 – 1747.55.

Alternative scenario: breakout and consolidation above the level of 1847.94 will allow the pair to continue rising to the levels of 1961.31 – 2050.00.

Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart, with wave С of (4) completed as its part. The fifth wave (5) started developing. Apparently, the first wave of smaller degree 1 of (5) is formed on the H4 chart. A local correction is unfolding as second wave 2 of (5), with waves a of 2 and b of 2 completed as its part. Wave c of 2 is forming on the H1 chart, with wave (v) of c of smaller degree developing inside. If the presumption is correct, the pair will continue to drop to the levels of 1788.55 – 1747.55. The level of 1847.94 is critical in this scenario as a breakout will enable the pair to continue growing to the levels of 1961.31 – 2050.00.

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:

{{value}} ( {{count}} {{title}} )

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *