XAUUSD: Elliott wave analysis and forecast for 11.02.22 – 18.02.22

Main scenario: consider long positions from corrections above the level of 1780.34 with a target of 1913.87 – 2075.27.

Alternative scenario: breakout and consolidation below the level of 1780.34 will allow the pair to continue declining to the levels of 1717.90 – 1673.63.

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