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XAUUSD, Elliot Wave Analysis

10/14/2022 11:01 AM

Growth is possible.

On the daily chart, a downward correction ended as the fourth wave of the higher level (4), within which the wave C of (4) formed as a momentum. Now, the development of the fifth wave (5) has started, within which the first entry wave of the lower level (i) of i of 1 of (5) has formed, and a local correction has ended as the wave (ii) of i of 1 of (5). If the assumption is correct, the XAU/USD pair will grow to the area of 1808.78–1861.30. In this scenario, critical stop loss level is 1613.92.

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