XAUUSD: Elliott wave research and forecast for 20.10.23 – 27.10.23

Major state of affairs: imagine lengthy positions from corrections above the extent of 1809.50 with a goal of 2060.00 – 2100.00.

Selection state of affairs: Breakout and consolidation beneath the extent of 1809.50 will permit the pair to proceed declining to the degrees of 1781.66 – 1719.73.

Research: a descending correction seems to have shaped because the fourth wave (4) of bigger level at the day-to-day chart. The 5th wave (5) is unfolding, with the primary wave 1 of (5) shaped as its section. It sounds as if, a drawback correction shaped as 2d wave 2 of (5) at the H4 time period, with wave c of two finished as its section. The 3rd wave 3 of (5) began to spread at the H1 time period, with the primary counter-trend wave of smaller level i of three forming inside of. If the presumption is proper, the pair will proceed to upward thrust to the degrees of 2060.00 – 2100.00. The extent of 1809.50 is important on this state of affairs as a breakout will allow the pair to proceed declining to the degrees of 1781.66 – 1719.73.


Worth chart of XAUUSD in actual time mode

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