XAUUSD: Elliott wave analysis and forecast for 05.01.24 – 12.01.24

Main scenario: consider long positions from corrections above the level of 1971.59 with a target of 2220.00 – 2300.00.

Alternative scenario: breakout and consolidation below the level of 1971.59 will allow the pair to continue declining to the levels of 1912.52 – 1809.00.

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. A bearish correction presumably finished forming as the second wave 2 of (5) on the H4 chart, and the third… Read full author’s opinion and review in blog of #LiteFinance