XAUUSD: Elliott wave research and forecast for 06.01.23 – 13.01.23

Major situation: believe brief positions from corrections under the extent of 1866.32 with a goal of 1741.81 – 1711.41.

Choice situation: breakout and consolidation above the extent of 1866.32 will permit the pair to proceed emerging to the degrees of 1920.84 – 1950.00.

Research: a descending correction seems to have shaped because the fourth wave (4) of bigger level at the day by day chart, with wave С of (4) finished inside of. The 5th wave (5) seems to be forming at the H4 chart, with the primary counter-trend wave of smaller level i of one of (5) finished as its section. It seems that, an area correction began to shape as wave ii of one of (5) at the H1 chart. If this assumption is proper, the pair will proceed falling to the degrees of 1741.81 – 1711.41. The extent of 1866.32 is important on this situation as a breakout will permit the pair to proceed rising to the degrees of 1920.84 – 1950.00.

Value chart of XAUUSD in actual time mode

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