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XAUUSD, Elliot Wave Analysis

2/10/2023 10:25 AM

A fall is possible.

On the daily chart, the 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 entry first wave of the lower level 1 of (5) has formed, and a local correction is developing as the second wave 2 of (5), within which the wave a of 2 has formed, and the wave b of 2 is developing. If the assumption is correct, the XAU/USD pair will fall to the area of 1829.20–1790.00. In this scenario, critical stop loss level is 1962.20.

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