XAUUSD: Elliott wave analysis and forecast for 13.10.23 – 20.10.23

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Main scenario: consider short positions from corrections below the level of 1885.00 with a target of 1781.66 – 1719.73.

Alternative scenario: breakout and consolidation above the level of 1885.00 will allow the pair to continue rising to the levels of 1954.82 – 1987.87.

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 1 of (5) formed as its part. Apparently, a downside correction continues developing as second wave 2 of (5) on the H4 time frame, with wave c of 2 forming inside. The third wave (iii) of c continues developing on the H1 chart, with wave iii of (iii) formed and a local correction presumably completed as wave iv of (iii) inside. If the presumption is correct, the pair will continue to drop to the levels of 1781.66 – 1719.73. The level of 1885.00 is critical in this scenario as a breakout will enable the pair to continue growing to the levels of 1954.82 – 1987.87.



Price chart of XAUUSD in real time mode

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