XAUUSD: Elliott wave analysis and forecast for 13.05.2022 – 20.05.2022


Main scenario: consider long positions above the level of 1749.91 with a target of 2070.98 – 2150.00 after correction.

Alternative scenario: A breakout and consolidation below the 1749.91 level will allow the pair to continue declining to the 1671.75 – 1616.95 levels.

Analysis: The third wave of a larger degree (3) continues to develop on the daily chart, with the fifth wave 5 of (3) forming internally. Wave iii of 5 appears to be completed and a local correction develops as the fourth wave iv of 5 on the H4 diagram. Apparently, a wave (с) of iv almost ends on the H1 diagram. If this assumption is correct, after the completion of a wave (с) of iv the pair will continue to rise to 2070.98 – 2150.00. The level of 1749.91 is critical in this scenario as its break will allow the pair to continue to decline to the levels of 1671.75 – 1616.95.

XAUUSD price chart in real-time mode

The content of this article reflects the opinion of the author and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for information purposes only and should not be construed as providing investment advice for the purposes of Directive 2004/39 / EC.

Tattoo this article:

{{value}} ({{calculation}} {{title}})



Please enter your comment!
Please enter your name here