XAUUSD: Elliott wave analysis and forecast for 11.08.23 – 18.08.23

Main scenario: consider long positions above the level of 1891.87 with a target of 2022.28 – 2059.86 once a correction formed. 

Alternative scenario: breakout and consolidation below the level of 1891.87 will allow the pair to continue declining to the levels of 1870.00 – 1836.74. 

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 1 of (5) is formed and a bearish correction is completed as second wave 2 of (5) on the H4 chart. Presumably the third wave… Read full author’s opinion and review in blog of #LiteFinance