XAUUSD: Elliott wave analysis and forecast for 08.12.23 – 15.12.23

Main scenario: consider long positions above the level of 1988.28 with a target of 2170.00 – 2220.00 after correction.

Alternative scenario: breakout and consolidation below the level of 1988.28 will allow the pair to continue declining to the levels of 1953.46 – 1889.05.

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 descending correction finished developing as second wave 2 of (5) on the H4 chart, and the third wave 3 of (5) is forming. The third wave of smaller degree iii of 3 is unfolding on the H1 time frame. It includes a fully-formed wave (iii) of iii and a local corrective wave (iv) of iii, which is nearing completion. If the presumption is correct, the XAUUSD will continue to rise to the levels of 2170.00 – 2220.00 once the correction is over. The level of 1988.28 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 1953.46 – 1889.05.

Price chart of XAUUSD in real time mode

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منبع: https://www.litefinance.org/blog/analysts-opinions/xauusd-elliott-wave-analysis-and-forecast-for-081223-151223/

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