XAUUSD: Elliott wave analysis and forecast for 12.05.23 – 19.05.23
Main scenario: consider long positions above the level of 1973.96 with a target of 2100.00 – 2172.16 after correction.
Alternative scenario: breakout and consolidation below the level of 1973.96 will allow the pair to continue declining to the levels of 1926.90 – 1897.94.
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 of smaller degree 1 of (5) is formed and a local correction is completed as second wave 2 of (5) on the H4 chart. The third wave... Read full author’s opinion and review in blog of #LiteFinance https://bit.ly/44RpdCr
