XAUUSD: Elliott wave analysis and forecast for 16.06.23 – 23.06.23

Main scenario: consider short positions from corrections below the level of 2005.76 with a target of 1883.73 – 1836.74 once a correction is completed.

Alternative scenario: breakout and consolidation above the level of 2005.76 will allow the pair to continue rising to the levels of 2060.00 – 2100.00.

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 local correction is developing as the second wave… Read full author’s opinion and review in blog of #LiteFinance