XAUUSD: Elliott wave analysis and forecast for 20.10.23 – 27.10.23

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Main scenario: consider long positions from corrections above the level of 1809.50 with a target of 2060.00 – 2100.00.

Alternative scenario: Breakout and consolidation below the level of 1809.50 will allow the pair to continue declining to the levels of 1781.66 – 1719.73.

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 formed as second wave 2 of (5) on the H4 time frame, with wave c of 2 completed as its part. The third wave 3 of (5) started to unfold on the H1 time frame, with the first counter-trend wave of smaller degree i of 3 forming inside. If the presumption is correct, the pair will continue to rise to the levels of 2060.00 – 2100.00. The level of 1809.50 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1781.66 – 1719.73.



 

Price chart of XAUUSD in real time mode

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