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XAUUSD, Elliot Wave Analysis

2/17/2023 10:30 AM

The price is in a correction and 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 entry first wave of the lower level 1 of (5) has formed, and a correction is developing as the second wave 2 of (5), within which the wave c of 2 is forming. If the assumption is correct, the XAU/USD pair will fall to the area of 1790.00–1747.90. In this scenario, critical stop loss level is 1888.80.

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