XAUUSD: Elliott wave analysis and forecast for 04.02.2022 – 11.02.2022

Main scenario: consider long positions from corrections above the level of 1753.24 with a target of 1913.87 – 2075.27.

Alternative scenario: Breakout and consolidation below the level of 1753.24 will allow the pair to continue declining to the levels of 1673.63 – 1602.77.

Analysis: Daily chart: an ascending third wave of larger degree (3) is formed, a descending correction developed as the fourth wave (4), and the fifth wave (5) appears to be unfolding, with the third wave of smaller degree 3 of (5) forming as its part. Wave iii of 3 appears to be developing on the H4 chart,… Read full author’s opinion and review in blog of #LiteForex