XAUUSD: Elliott wave research and forecast for 29.12.23 – 05.01.24

Primary situation: imagine lengthy positions from corrections above the extent of 2014.46 with a goal of 2220.00 – 2300.00.

Choice situation: breakout and consolidation beneath the extent of 2014.46 will permit the pair to proceed declining to the degrees of 1954.80 – 1889.05.

Research: a descending correction seems to have fashioned 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) fashioned as its phase. It sounds as if, a descending correction completed growing as 2nd wave 2 of (5) at the H4 chart, and the 3rd wave 3 of (5) is forming. The 3rd wave of smaller level iii of three is unfolding at the H1 time period. It features a fully-formed wave (i) of iii and an area correction, finished as wave (ii) of iii. Wave (iii) of iii is unfolding. If the presumption is proper, the XAUUSD pair will proceed to upward push to the degrees of 2220.00 – 2300.00. The extent of 2014.46 is important on this situation as a breakout will permit the pair to proceed falling to the degrees of 1954.80 – 1889.05.

Value chart of XAUUSD in actual time mode

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