XAUUSD: Elliott wave analysis and forecast for 01.09.23 – 08.09.23

Main scenario: consider short positions from corrections below the level of 1948.22 with a target of 1834.55 – 1781.66.

Alternative scenario: breakout and consolidation above the level of 1948.22 will allow the pair to continue rising to the levels of 1987.87 – 2059.86.

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 continues developing as second wave 2 of (5) on the H4 time frame chart, with wave… Read full author’s opinion and review in blog of #LiteFinance