XAUUSD: Elliott wave analysis and forecast for 06.05.22 – 13.05.22

Main scenario: consider long positions from corrections above the level of 1843.85 with a target of 2070.98 – 2150.00.

Alternative scenario: breakout and consolidation below the level of 1843.85 will allow the pair to continue declining to the levels of 1775.50 – 1671.75.

Analysis: The fifth wave of larger degree (5) continues developing on the daily chart, with wave 3 of (5) forming inside. Wave iii of 3 appears to be forming on the H4 chart, with a local correction completed as the fourth wave (iv) of iii inside. Apparently, the fifth wave (v) of iii started developing on the H1 chart. If this assumption is correct, the pair will continue to rise to 2070.98 – 2150.00. The level of 1843.85 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1775.50 – 1671.75.

Price chart of XAUUSD in real time mode

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