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XAUUSD, Elliot Wave Analysis

4/21/2023 11:49 PM

The price is in a correction and may grow.

On the daily chart, a downward correction ended as the fourth wave of the higher level (4), and the development of the fifth wave (5) started, within which the entry first wave of the lower level 1 of (5) formed, and a correction ended as the second wave 2 of (5). Now, the third wave 3 of (5) is developing, within which the wave iii of 3 has formed, and the local correction iv of 3 is forming. If the assumption is correct, the XAU/USD pair will grow to the area of 2068.90–2176.75. In this scenario, critical stop loss level is 1927.30.

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