Main scenario: consider long positions from corrections above the level of 1848.26 with a target of 1973.73 – 2077.22.

Alternative scenario: breakout and consolidation below the level of 1848.26 will allow the pair to continue declining to the levels of 1750.33 – 1666.82.

Analysis: The ascending third wave of larger degree (3) presumably continues developing on the daily time frame, with wave 5 of (3) forming inside. The third wave of smaller degree iii of 5 appears to have formed on the H4 time frame, and presumably, a local correction finished developing in the form of wave iv of 5. The fifth wave v of 5 started to develop on the H1 time frame, with wave (i) of v developing inside. If the presumption is correct, the pair will continue to rise to the levels of 1973.73 – 2077.22. The level of 1848.26 is critical in this scenario, as the breakout will enable the pair to continue declining to the levels of 1750.33 – 1666.82.

LiteFinance: XAUUSD: Elliott wave analysis and forecast for 09.10.2020 – 16.10.2020 | Litefinance


LiteFinance: XAUUSD: Elliott wave analysis and forecast for 09.10.2020 – 16.10.2020 | Litefinance


LiteFinance: XAUUSD: Elliott wave analysis and forecast for 09.10.2020 – 16.10.2020 | Litefinance

Price chart of XAUUSD in real time mode

XAUUSD: Elliott wave analysis and forecast for 09.10.2020 – 16.10.2020

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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