XAUUSD: Elliott wave research and forecast for 14.07.23 – 21.07.23

Major situation: imagine lengthy positions from corrections above the extent of 1911.80 with a goal of 2022.28 – 2059.86.

Selection situation: breakout and consolidation under the extent of 1911.80 will permit the pair to proceed declining to the degrees of 1887.50 – 1836.74.

Research: at the day by day chart, a problem correction probably completed creating because the fourth wave of bigger level (4), and the 5th wave (5) is forming. It sounds as if, the primary wave 1 of (5) is shaped and a bearish correction is done as 2nd wave 2 of (5) at the H4 chart. Probably the 3rd wave 3 of (5) began unfolding. The primary counter-trend wave of smaller level i of three is creating at the H1 chart, with wave (iii) of i forming as its section. If the presumption is right kind, the pair will proceed to upward push to the degrees of 2022.28 – 2059.86. The extent of 1911.80 is significant on this situation as a breakout will permit the pair to proceed declining to the degrees of 1887.50 – 1836.74.

Value chart of XAUUSD in actual time mode

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