XAUUSD: Elliott wave research and forecast for 27.10.23 – 03.11.23

Primary situation: believe lengthy positions from corrections above the extent of 1950.36 with a goal of 2023.50 – 2060.00.

Selection situation: breakout and consolidation under the extent of 1950.36 will permit the pair to proceed declining to the degrees of 1903.00 – 1881.60.

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 phase. It appears, a problem correction shaped as 2nd wave 2 of (5) at the H4 period of time, with wave c of two finished as its phase. The 3rd wave 3 of (5) began to spread at the H1 period of time, with the primary counter-trend wave of smaller level i of three proceeding forming as its phase. If the presumption is right kind, the pair will proceed to upward thrust to the degrees of 2023.50 – 2060.00. The extent of 1950.36 is important on this situation as a breakout will permit the pair to proceed declining to the degrees of 1903.00 – 1881.60.

Value chart of XAUUSD in actual time mode

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