XAUUSD: Elliott wave analysis and forecast for 09.02.24 – 16.02.24

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Main scenario: consider long positions from corrections above the level of 2001.72 with a target of 2220.00 – 2300.00.

Alternative scenario: breakout and consolidation below the level of 2001.72 will allow the pair to continue declining to the levels of 1912.52 – 1809.00.

Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart. The fifth wave (5) is unfolding, with the first wave 3 of (5) forming as its part. Apparently, the first wave of smaller degree i of 3 is forming on the H4 time frame, with a local corrective wave (iv) of i nearing completion as its part. Wave е of (iv) is presumably coming to its end on the H1 chart. If this assumption is correct, after its completion, the XAUUSD pair will continue to rise to 2220.00 – 2300.00. The level of 2001.72 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 1912.52 – 1809.00.



Price chart of XAUUSD in real time mode

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