XAUUSD: Elliott wave analysis and forecast for 21.07.23 – 28.07.23

Main scenario: consider long positions from corrections above the level of 1945.51 with a target of 2022.28 – 2059.86.

Alternative scenario: breakout and consolidation below the level of 1945.51 will allow the pair to continue declining to the levels of 1887.50 – 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 3 of… Read full author’s opinion and review in blog of #LiteFinance