XAUUSD: Elliott wave analysis and forecast for 13.05.2022 – 20.05.2022

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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

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