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XAUUSD, Elliot Wave Analysis

11/18/2022 10:48 AM

Growth is possible.

On the daily chart, a downward correction formed 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) is developing, within which the wave iii of 1 has formed. If the assumption is correct, after the end of the correction iv of 1, the XAU/USD pair will grow to the area of 1808.08–1881.56. In this scenario, critical stop loss level is 1700.25.



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