XAUUSD: Elliott wave analysis and forecast for 29.09.23 – 06.10.23

Main scenario: consider short positions from corrections below the level of 1904.70 with a target of 1834.55 – 1781.66.

Alternative scenario: breakout and consolidation above the level of 1904.70 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 a larger degree in the daily chart. The fifth wave (5) is unfolding, with the first wave 1 of (5) formed as its part. Apparently, a descending correction continues developing as the second wave 2 of (5) in the H4 timeframe, with wave… Read full author’s opinion and review in blog of #LiteFinance