XAUUSD: Elliott wave research and forecast for 16.08.24 – 23.08.24
The object covers the next topics:
Highlights and key issues
- Primary situation: imagine lengthy positions from corrections above the extent of 2377.25 with a expansion goal of 2560.00 – 2650.00. A purchase sign: the cost stays above 2377.25. Prevent Loss: under 2350.00, Take Benefit: 2560.00 – 2650.00.
- Choice situation: breakout and consolidation under the extent of 2377.25 will permit the pair to proceed declining to the degrees of 2161.56 – 1988.70. A promote sign: after the extent of 2377.25 is damaged to the disadvantage. Prevent Loss: above 2400.00, Take Benefit: 2161.56 – 1988.70.
Primary situation
Believe lengthy positions from corrections above the extent of 2377.25 with a expansion goal of 2560.00 – 2650.00.
Choice situation
Breakout and consolidation under the extent of 2377.25 will permit the pair to proceed declining to the degrees of 2161.56 – 1988.70.
Research
The 5th wave of bigger level (5) is probably creating at the day-to-day chart, with wave 3 of (5) forming as its phase. At the H4 time period, it seems that, 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 level (iii) of v is creating, inside of which a neighborhood 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 push to the degrees of 2560.00 – 2650.00. The extent of 2377.25 is significant on this situation as a breakout will permit the pair to proceed falling to the degrees of 2161.56 – 1988.70.
Value chart of XAUUSD in actual time mode
The content material of this text displays the writer’s opinion and does no longer essentially mirror the reliable place of LiteFinance. The fabric revealed in this web page is equipped for informational functions most effective and will have to no longer be regarded as as the availability of funding recommendation for the needs of Directive 2004/39/EC.
