XAUUSD: Elliott wave research and forecast for 09.08.24 – 16.08.24
The object covers the next topics:
Highlights and key issues
- Primary state of affairs: believe lengthy positions from corrections above the extent of 2364.60 with a enlargement goal of 2560.00 – 2650.00. A purchase sign: after the cost returns above 2364.60. Prevent Loss: beneath 2340.00, Take Benefit: 2560.00 – 2650.00.
- Selection state of affairs: breakout and consolidation beneath the extent of 2364.60 will permit the pair to proceed declining to the degrees of 2161.56 – 1988.70. A promote sign: after the extent of 2364.60 is damaged to the drawback. Prevent Loss: above 2380.00, Take Benefit: 2161.56 – 1988.70.
Primary state of affairs
Believe lengthy positions from corrections above the extent of 2364.60 with a enlargement goal of 2560.00 – 2650.00.
Selection state of affairs
Breakout and consolidation beneath the extent of 2364.60 will permit the pair to proceed declining to the degrees of 2161.56 – 1988.70.
Research
The 5th wave of bigger stage (5) is probably creating at the day-to-day chart, with wave 3 of (5) forming as its section. At the H4 time period, it sounds as if, a correction completed creating because the fourth wave iv of three, and the 5th wave v of three is forming. At the H1 chart, the 3rd wave of smaller stage (iii) of v is creating, inside of which an area correction has shaped as wave ii of (iii) and wave iii of (iii) is unfolding. If the presumption is right kind, the XAUUSD pair will proceed to upward thrust to the degrees of 2560.00 – 2650.00. The extent of 2364.60 is significant on this state of affairs as a breakout will allow the pair to proceed falling to the degrees of 2161.56 – 1988.70.
Worth chart of XAUUSD in actual time mode
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