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XAUUSD, Elliot Wave Analysis
1/6/2023 10:27 AMThe price is in a correction, a fall 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, and the development of the fifth wave (5) started. Now, the first entry wave of the lower level 1 of (5) has formed, within which the wave v of 1 has developed, and a local correction is forming as the second wave 2 of (5). If the assumption is correct, the XAU/USD pair will fall to the area of 1740.90–1711.35. In this scenario, critical stop loss level is 1865.95.
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