Home Market XAUUSD: Elliott wave analysis and forecast for 06.01.23 – 13.01.23

XAUUSD: Elliott wave analysis and forecast for 06.01.23 – 13.01.23

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Main scenario: consider short positions from corrections below the level of 1866.32 with a target of 1741.81 – 1711.41.

Alternative scenario: breakout and consolidation above the level of 1866.32 will allow the pair to continue rising to the levels of 1920.84 – 1950.00.

Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart, with wave С of (4) completed inside. The H4 chart shows the fifth wave ((5)) forming, with the first countertrend wave of smaller degree (i of 1) of (5) being completed in its part. Apparently,… Read full author’s opinion and review in blog of #LiteFinance



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