XAUUSD: Elliott wave analysis and forecast for 13.08.2021 – 20.08.2021
Main scenario: consider short positions from corrections below the level of 1833.26 with a target of 1602.20 – 1490.70.
Alternative scenario: breakout and consolidation above the level of 1833.26 will allow the pair to continue rising to the levels of 1915.00 – 2077.78.
Analysis: an ascending third wave of larger degree (3) formed and a descending correction continues developing as the fourth wave (4) on the daily chart. Wave В of (4) appears to have formed on the H4 chart, and wave C of (4) is now developing. The third wave of smaller degree iii of C is forming on the H1 chart, with wave (iii) of iii unfolding as part of it. If the presumption is correct, the pair will continue to drop to the levels of 1602.20 – 1490.70. The level of 1833.26 is critical in this scenario as a breakout will enable the pair to continue growing to the levels of 1915.00 – 2077.78.
Price chart of XAUUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.