XAUUSD: Elliott wave analysis and forecast for 10.11.23 – 17.11.23
Main scenario: consider short positions from corrections below the level of 2008.75 with a target of 1910.48 – 1889.05.
Alternative scenario: breakout and consolidation above the level of 2008.75 will allow the pair to continue rising to the levels of 2060.00 – 2110.00.
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 1 of (5) formed as its part. Apparently, a descending correction finished developing as second wave 2 of (5) on the H4 chart, and the third wave 3 of (5) started forming. The first counter-trend wave of smaller degree i of 3 is formed on the H1 chart, and a local correction is developing as the second wave ii of 3, with wave (a) of ii unfolding as its part. If the presumption is correct, the pair will continue to drop to the levels of 1910.48 – 1889.05. The level of 2008.75 is critical in this scenario as a breakout will enable the pair to continue growing to the levels of 2060.00 – 2110.00