XAUUSD: Elliott wave analysis and forecast for 19.08.22 – 26.08.22

Main scenario: consider long positions above the level of 1680.62 with a target of 1879.10 – 1997.97 after the correction.

Alternative scenario: breakout and consolidation below the level of 1680.62 will allow the pair to continue declining to the levels of 1650.00 – 1601.80.

Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart, with wave С of (4) completed inside. Apparently, the fifth wave (5) has started to develop on the H4 chart. The first counter-trend wave of smaller degree i of 1 of (5) has presumably stopped developing on the H1 chart, and a local correction is forming as the second wave ii of 1, with wave (a) of ii formed inside. If the presumption is correct, the pair will continue to rise to the levels of 1879.10 – 1997.97 after the correction is completed. The level of 1680.62 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1650.00 – 1601.80.

Price chart of XAUUSD in real time mode

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