XAUUSD: Elliott wave analysis and forecast for 13.10.23 – 20.10.23

Main scenario: consider short positions from corrections below the level of 1885.00 with a target of 1781.66 – 1719.73.

Alternative scenario: breakout and consolidation above the level of 1885.00 will allow the pair to continue rising to the levels of 1954.82 – 1987.87.

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 downside correction continues developing as second wave 2 of (5) on the H4 time frame, with wave c… Read full author’s opinion and review in blog of #LiteFinance