Crypto currency

XAUUSD: Elliott wave analysis and forecast for 09.07.21 – 16.07.21

Main scenario: consider long positions from corrections above the level of 1749.36 with a target of 1958.14 – 2016.10.

Alternative scenario: Breakout and consolidation below the level of 1749.36 will allow the pair to continue declining to the levels of 1673.40 – 1568.91.

Analysis: an ascending third wave of larger degree (3) formed on the daily time frame, and a descending correction developed as wave (4), supposedly. The fifth wave (5) appears to be developing on the H4 time frame, with the first wave of smaller degree 1 of (5) formed and a downward correction completed as wave 2 of (5) inside. The third wave 3 of (5) is starting to develop on the H1 time frame, with wave (i) of i of 3 formed inside. If the presumption is correct, the pair may be expected to rise to the levels of 1958.14 – 2016.10. The level of 1749.36 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1673.40 – 1568.91.

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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