XAUUSD: Elliott wave analysis and forecast for 04.12.2020 – 11.12.2020

Main scenario: consider short positions from corrections below the level of 1900.15 with a target of 1718.57 – 1606.95.

Alternative scenario: breakout and consolidation above the level of 1900.15 will allow the pair to continue rising to the levels of 1965.30 – 2014.94.

Analysis: Daily time frame: presumably, the ascending third wave of larger degree (3) formed, and a descending correction is now developing as wave (4). The wave of smaller degree А of (4) appears to have formed on the H4 time frame, and a local correction finished developing as wave В of (4). H1 time frame: there is… Read full author’s opinion and review in blog of #LiteForex