XAUUSD: Elliott wave research and forecast for 01.12.23 – 08.12.23

Major situation: believe lengthy positions from corrections above the extent of 1965.08 with a goal of 2110.00 – 2170.00.

Selection situation: breakout and consolidation underneath the extent of 1965.08 will permit the pair to proceed declining to the degrees of 1917.57 – 1889.05.

Research: a descending correction seems to have shaped because the fourth wave (4) of bigger level at the day by day chart. The 5th wave (5) is unfolding, with the primary wave 1 of (5) shaped as its section. It seems that, a descending correction completed creating as 2d wave 2 of (5) at the H4 chart, and the 3rd wave 3 of (5) is forming. The 3rd wave of smaller level iii of three is creating at the H1 chart, with wave (i) of iii unfolding as its section. If the presumption is right kind, the pair will proceed to upward thrust to the degrees of 2110.00 – 2170.00. The extent of 1965.08 is important on this situation as a breakout will allow the pair to proceed falling to the degrees of 1917.57 – 1889.05.

Value chart of XAUUSD in actual time mode

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