XAUUSD: Elliott wave analysis and forecast for 27.10.23 – 03.11.23

Main scenario: consider long positions from corrections above the level of 1950.36 with a target of 2023.50 – 2060.00.

Alternative scenario: breakout and consolidation below the level of 1950.36 will allow the pair to continue declining to the levels of 1903.00 – 1881.60.

Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart. The fifth wave (5) is unfolding, with the first wave 1 of (5) formed as its part. Apparently, a downside correction formed as second wave 2 of (5) on the H4 time frame, with wave c of… Read full author’s opinion and review in blog of #LiteFinance