XAUUSD: Elliott wave analysis and forecast for 08.12.23 – 15.12.23

Main scenario: consider long positions above the level of 1988.28 with a target of 2170.00 – 2220.00 after correction.

Alternative scenario: breakout and consolidation below the level of 1988.28 will allow the pair to continue declining to the levels of 1953.46 – 1889.05.

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