Crypto currency

XAUUSD: Elliott wave analysis and forecast for 21.05.2021 – 28.05.2021

Main scenario: long positions will be relevant above the level of 1757.43 with a target of 1958.14 – 2078.03 once the correction has formed.

Alternative scenario: breakout and consolidation below the level of 1757.43 will allow the pair to continue declining to the levels of 1675.55 – 1650.00.

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 forming on the H4 time frame, with the first wave of smaller degree 1 of (5) formed inside. Supposedly, a downside correction is starting to form as wave 2 of (5) on the H1 time frame. If this assumption is correct, the pair will continue to rise to the levels of 1958.14 – 2078.03 once the correction’s over. The level of 1757.43 is critical in this scenario, as the breakout will enable the pair to continue declining to the levels of 1675.55 – 1650.00.



   

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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