XAUUSD: Elliott wave analysis and forecast for 21.06.24 – 28.06.24 | LiteFinance
Main scenario: after correction, consider short positions below the level of 2449.48 with a target of 2218.46 – 2161.56.
Alternative scenario: breakout and consolidation above the level of 2449.48 will allow the pair to continue rising to the levels of 2500.00 – 2560.00
Analysis: the fifth wave of larger degree (5) is forming on the daily chart, with wave 3 of (5) unfolding as its part. Apparently, the third wave of smaller degree iii of 3 is formed on the H4 time frame, and a descending correction is unfolding as the fourth wave iv of 3. A local corrective wave (b) of iv is forming on the H1 time frame. Once it ends, if the presumption is correct, the XAUUSD pair will continue to fall in wave (c) of iv to the levels of 2218.46 – 2161.56. The level of 2449.48 is critical in this scenario as a breakout will allow the pair to continue rising to the levels of 2500.00 – 2560.00.
Price chart of XAUUSD in real time mode
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