2023.07.28 2023.07.28
XAUUSD: Elliott wave analysis and forecast for 28.07.23 – 04.08.23Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/
Main scenario: consider long positions above the level of 1903.00 with a target of 2022.28 – 2059.86 once a correction formed.
Alternative scenario: breakout and consolidation below the level of 1903.00 will allow the pair to continue declining to the levels of 1870.00 – 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 forming on the H1 chart. As its part there formed wave (iii) of i, and a local correction is nearing completion as wave (iv) of i. If the presumption is correct, the pair will continue to rise to the levels of 2022.28 – 2059.86 after correction. The level of 1903.00 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1870.00 – 1836.74.
Price chart of XAUUSD in real time mode
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