XAUUSD: Elliott wave analysis and forecast for 18.08.23 – 25.08.23

Main scenario: consider short positions from corrections below the level of 1973.77 with a target of 1834.55 – 1781.66.

Alternative scenario: breakout and consolidation above the level of 1973.77 will allow the pair to continue rising to the levels of 2059.86 – 2120.00.

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 1 of (5) is formed on the H4 chart, and a downward correction continues developing as the second wave 2 of (5). Wave c of 2 is… Read full author’s opinion and review in blog of #LiteFinance