XAUUSD: Elliott wave analysis and forecast for 07.07.23 – 14.07.23

Main scenario: consider short positions from corrections below the level of 1935.00 with a target of 1836.74 – 1782.50.

Alternative scenario: breakout and consolidation above the level of 1935.00 will allow the pair to continue the rise up to the levels of 1973.80 – 2022.28.

Analysis: on the daily chart, a downside correction presumably finished developing as the fourth wave of larger degree (4), and the fifth wave (5) is forming. Apparently, the first wave of smaller degree 1 of (5) is formed on the H4 chart, and a downward correction is developing as the second wave 2 of (5)…. Read full author’s opinion and review in blog of #LiteFinance