Home News XAUUSD: Elliott wave analysis and forecast for 17.06.2022 – 24.06.2022

XAUUSD: Elliott wave analysis and forecast for 17.06.2022 – 24.06.2022

9
0


Main scenario: consider long positions from corrections above the level of 1805.08 with a target of 1997.97 – 2070.98.

Alternative scenario: breakout and consolidation below the level of 1805.08 will allow the pair to continue declining to the levels of 1722.24 – 1616.95.

Analysis: the third wave of larger degree (3) continues developing on the daily chart, with the fifth wave 5 of (3) forming inside. Wave iii of 5 appears to be completed, and a downward correction developed as the fourth wave iv of 5 on the H4 chart. Presumably, the fifth wave v of 5 started developing on the H1 chart, with the first counter-trend wave of smaller degree (i) of v formed and a local correction (ii) of v completed inside. If the presumption is correct, the pair will continue to rise to the levels of 1997.97 – 2070.98. The level of 1805.08 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1722.24 – 1616.95.



Price chart of XAUUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

Rate this article:

{{value}} ( {{count}} {{title}} )



Previous articleWhat’s with All the Mass Layoffs?
Next articleRoboMarkets announces Labuan-regulated RM Investment Bank for Asian clients LeapRate