XAUUSD: Elliott wave analysis and forecast for 13.08.2021 – 20.08.2021


Main scenario: consider short positions of corrections below the level of 1833.26 with target 1602.20 – 1490.70.

Alternative scenario: a break and consolidation above the level of 1833.26 will allow the pair to continue to rise to the levels of 1915.00 – 2077.78.

Analysis: an increasing third wave of a greater degree (3) has formed and a descending correction continues to develop as the fourth wave (4) on the daily chart. Wave В of (4) seems to form on the diagram H4, and wave C of (4) is now developing. The third wave of smaller degree iii of C is formed on the diagram H1, with wave (iii) of iii developing as part of it. If the assumption is correct, the pair will continue to fall to the levels of 1602.20 – 1490.70. The level of 1833.26 is critical in this scenario, as a break will allow the pair to continue to grow to the levels of 1915.00 – 2077.78.

XAUUSD price chart in real-time mode

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