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XAUUSD: Elliott wave analysis and forecast for 01.12.23 – 08.12.23
Main scenario: consider long positions from corrections above the level of 1965.08 with a target of 2110.00 – 2170.00. Alternative scenario: breakout and consolidation below the level of 1965.08 will allow the pair to continue declining to the levels of 1917.57 – 1889.05. 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 ... (full story)