XAUUSD: Elliott wave analysis and forecast for 08.01.21 – 15.01.21

Main scenario: consider long positions from corrections above the level of 1861.48 with a target of 2016.08 – 2073.73.

Alternative scenario: breakout and consolidation below the level of 1861.48 will allow the pair to continue declining to the levels of 1760.88 – 1718.57.

Analysis: Presumably, the ascending third wave of larger degree (3) formed and a descending correction developed as wave (4) on the daily time frame. H4 time frame: apparently, the fifth wave (5) has started forming, with wave 1 of (5) formed inside. On the H1 time frame, a local correction 2 of (5) is developing as wave… Read full author’s opinion and review in blog of #LiteForex