XAUUSD: Elliott wave analysis and forecast for 16.09.2022 – 23.09.2022

Main scenario: consider short positions from corrections below the level of 1734.53 with a target of 1601.03 – 1491.84.

Alternative scenario: breakout and consolidation above the level of 1734.53 will allow the pair to continue rising to the levels of 1809.33 – 1879.10.

Analysis: a bearish correction presumably continues developing as the fourth wave of larger degree (4) on the daily chart, with wave C of (4) continuing to form inside. Apparently, the third wave iii of C is developing on the H4 chart, with the fifth wave of smaller degree (v) of iii of C forming inside. Wave v of (v) of iii is developing on the H1 chart. If the presumption is correct, the pair will continue falling to 1601.03 – 1491.84. The level of 1734.53 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1809.33 – 1879.10.

Price chart of XAUUSD in real time mode

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