XAUUSD: Elliott wave analysis and forecast for 27.08.2021 – 03.09.2021
Main scenario: consider short positions from corrections below the level of 1833.26 with a target of 1650.00 – 1602.20.
Alternative scenario: breakout and consolidation above the level of 1833.26 will allow the pair to continue rising to the levels of 1915.00 – 1960.23.
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 formed on the H1 chart, and a local correction developed as wave iv of C, supposedly. If this assumption is correct, the pair will continue falling to 1650.00 – 1602.20 in wave v of C. 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 – 1960.23.
Price chart of XAUUSD in real time mode
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