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XAUUSD, Elliot Wave Analysis

12/16/2022 10:27 AM

The 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 has started as the second wave 2 of (5). If the assumption is correct, the price of the asset will fall to the area of 1719.70–1695.85. In this scenario, critical stop loss level is 1824.00.




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