XAUUSD: Elliott wave analysis and forecast for 27.10.23 – 03.11.23
The main scenario for XAUUSD is to consider long positions from corrections above the level of 1950.36 with a target of 2023.50 – 2060.00.
Alternatively, if there is a breakout and consolidation below the level of 1950.36, the pair is expected to continue declining to the levels of 1903.00 – 1881.60.
Upon analysis, a descending correction seems to have formed as the fourth wave (4) of larger degree on the daily chart. The fifth wave (5) is currently unfolding, with the first wave 1 of (5) formed as part of it. A downside correction has formed as the second wave 2 of (5) on the H4 time frame, with wave c of 2 completed as part of it. The third wave 3 of (5) has started to unfold on the H1 time frame, with the first counter-trend wave of smaller degree i of 3 continuing to form as part of it. Based on this analysis, the pair is anticipated to continue rising to the levels of 2023.50 – 2060.00. The level of 1950.36 is critical in this scenario, as a breakout will enable the pair to continue declining to the levels of 1903.00 – 1881.60.
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