Unraveling the Patterns: Analyzing XAUUSD with Elliott Wave Theory for the Upcoming Week

By Gustavo Nils Dec17,2023

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XAUUSD: Elliott wave analysis and forecast for 15.12.23 – 22.12.23

Main scenario: consider long positions from corrections above the level of 1969.61 with a target of 2220.00 – 2300.00.

Alternative scenario: breakout and consolidation below the level of 1969.61 will allow the pair to continue declining to the levels of 1889.05 – 1834.18.

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) is forming. The third wave of smaller degree iii of 3 is unfolding on the H1 time frame. It includes a fully-formed wave (iii) of iii and a local correction, completed as wave (ii) of iii. Wave (iii) of iii has started unfolding. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2220.00 – 2300.00. The level of 1969.61 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 1889.05 – 1834.18.

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