XAUUSD: Elliott wave analysis and forecast for 12.11.21 – 19.11.21

Main scenario: consider long positions from corrections above the level of 1758.95 with a target of 1960.00 – 2075.27.

Alternative scenario: breakout and consolidation below the level of 1758.95 will allow the pair to continue declining to the levels of 1720.60 – 1673.63.

Analysis: Daily chart: an ascending third wave of larger degree (3) is formed, a descending correction developed as the fourth wave (4), and the fifth wave (5) appears to be unfolding, with the first wave of smaller degree 1of (5) formed inside. H4 chart: apparently, a corrective wave 2 of (5) is completed, and wave 3 of (5) has started unfolding. Wave i of 3 is formed, and a correction is completed in the form of wave ii of 3 as parts of wave 3 of (5). The third wave iii of 3 is developing on the H1 chart, with wave (ii) of iii completed and wave (iii) of iii forming inside. If the presumption is correct, the pair will continue to rise to the levels of 1960.00 – 2075.27. The level of 1758.95 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1720.60 – 1673.63.

Price chart of XAUUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. 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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