The main scenario is to think about taking long positions from corrections above the 1973.96 level with a target of 2100.00 to 2172.16.
An alternative scenario is that the pair will continue to decline to levels between 1926.90 and 1897.94 after breaking out and consolidating below 1973.96.
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. On the H4 chart, it appears as though the first wave of smaller degree 1 of (5) is formed and a local corrective is finished as second wave 2 of (5). The fifth wave's third wave began to develop. On the H1 chart, wave (i) of iii is developing. The pair will resume climbing to the levels of 2100.00 - 2172.16 if the assumption is right. In this scenario, the level of 1973.96 is crucial since a breach would allow the pair to continue falling to levels between 1926.90 and 1897.94.
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| XAUUSD : Elliott wave analysis and forecast for 05.05.23-12.05.23 |
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| XAUUSD : Elliott wave analysis and forecast for 05.05.23-12.05.23 |
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| XAUUSD : Elliott wave analysis and forecast for 05.05.23-12.05.23 |
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