XAUUSD: Elliott wave analysis and forecast for 01.11.24 – 08.11.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider short positions from corrections below the level of 2788.71 with a target of 2602.03 – 2468.90. A sell signal: if the price holds below 2788.71. Stop Loss: above 2795.00, Take Profit: 2602.03 – 2468.90.
  • Alternative scenario: breakout and consolidation above the level of 2788.71 will allow the price to continue rising to the levels of 2880.00 – 3000.00. A buy signal: once the level of 2788.71 is broken to the upside. Stop Loss: below 2780.00, Take Profit: 2880.00 – 3000.00.

Main scenario

Consider short positions from corrections below the level of 2788.71 with a target of 2602.03 – 2468.90.

Alternative scenario

Breakout and consolidation above the level of 2788.71 will allow the pair to continue rising to the levels of 2880.00 – 3000.00.

Analysis

The fifth wave of larger degree 5 is presumably developing on the weekly chart, with wave (5) of 5 forming as its part. Apparently, the third wave 3 of (5) is formed on the daily time frame, with wave v of 3 completed as its part. On the H4 time frame, a descending correction has started developing as the fourth wave 4 of (5), within which wave a of 4 is forming. If the presumption is correct, XAUUSD will continue to drop to the levels of 2602.03 – 2468.90. The level of 2788.71 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 2880.00 – 3000.00.



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 LiteFinance. 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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This post is originally published on LITEFINANCE.

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