Home News XAUUSD: Elliott wave analysis and forecast for 13.01.23 – 20.01.23

XAUUSD: Elliott wave analysis and forecast for 13.01.23 – 20.01.23

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Main scenario: consider long positions from corrections above the level of 1784.20 with a target of 1950.00 – 2000.00.

Alternative scenario: breakout and consolidation below the level of 1784.20 will allow the pair to continue declining to the levels of 1723.86 – 1614.73.

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. Apparently, the fifth wave (5) started forming on the H4 chart, with the first counter-trend wave of smaller degree i of 1 of (5) formed, a local correction completed as… Read full author’s opinion and review in blog of #LiteFinance



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