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XAUUSD: Elliott Wave Analysis and Forecast (09.02.24 – 16.02.24) – investxyon
Thursday, February 22, 2024
Home CommoditiesForex XAUUSD: Elliott Wave Analysis and Forecast (09.02.24 – 16.02.24)

XAUUSD: Elliott Wave Analysis and Forecast (09.02.24 – 16.02.24)

by xyonent
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Main scenario: Consider a long position from a correction above the 2001.72 level, targeting 2220.00 to 2300.00.

Alternative scenario: A breakout and consolidation below the 2001.72 level will allow the pair to continue falling to the 1912.52-1809.00 level.

analysis: The downside correction appears to have formed as a fourth wave (4) of greater magnitude on the daily chart. The fifth wave (5) is unfolding, with the first wave 3 of (5) forming as part of it. Clearly, the first wave of smaller order i of 3 is forming in his H4 timeframe, as part of which the local correction wave (iv) of i is nearing completion. Wave (iv) is probably nearing its end on the first half chart. If this assumption is correct, the XAUUSD pair will continue to rise from 2220.00 to 2300.00 after completion. The 2001.72 level is important in this scenario, as a breakout could continue the decline to the 1912.52-1809.00 levels.



XAUUSD price chart in real-time mode

The content of this article reflects the opinions of the author and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for information purposes only and does not constitute the provision of investment advice for the purposes of Directive 2004/39/EC.

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