XAUUSD: Elliott wave research and forecast for 28.04.23 – 05.05.23
Primary situation: believe lengthy positions above the extent of 1927.15 with a goal of 2100.00 – 2172.16 after correction.
Choice situation: breakout and consolidation underneath the extent of 1927.15 will permit the pair to proceed declining to the degrees of 1863.57 – 1806.25.
Research: at the day by day chart, a drawback correction probably completed growing because the fourth wave of bigger level (4), and the 5th wave (5) is forming. It sounds as if, the primary wave of smaller level 1 of (5) is shaped and an area correction is done as 2d wave 2 of (5) at the H4 chart. The 3rd wave 3 of (5) began unfolding, with wave i of three shaped as its phase. A neighborhood correction continues growing as the second one wave ii of three at the H1 chart, with wave (c) of ii forming as its phase. If the presumption is proper, the pair will proceed to upward push to the degrees of 2100.00 – 2172.16 after the correction is done. The extent of 1927.15 is significant on this situation as a breakout will permit the pair to proceed declining to the degrees of 1863.57 – 1806.25.
Worth chart of XAUUSD in actual time mode
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