XAUUSD: Elliott wave analysis and forecast for 29.01.21 – 05.02.21

Main scenario: consider long positions from corrections above the level of 1803.28 with a target of 1960.41 – 2073.73.

Alternative scenario: breakout and consolidation below the level of 1803.28 will allow the pair to continue declining to the levels of 1760.88 – 1718.57.

Analysis: Daily time frame: presumably, the ascending third wave of larger degree (3) formed, and a descending correction developed as wave (4).  The fifth wave (5) appears to be developing on the H4 time frame, with wave 1 of (5) formed and a local correction completed as wave 2 of (5) inside.  The third wave 3 of… Read full author’s opinion and review in blog of #LiteForex