XAUUSD: Elliott Wave Analysis and Forecast for 08.11.24 – 15.11.24

The article covers the following subjects:

Major Takeaways

  • Main scenario: Consider short positions from corrections below the level of 2792.90 with a target of 2560.52 – 2418.82. A sell signal: the price holds below 2792.90. Stop Loss: above 2800.00, Take Profit: 2560.52 – 2418.82.
  • Alternative scenario: Breakout and consolidation above the level of 2792.90 will allow the asset to continue rising to the levels of 2880.00 – 3000.00. A buy signal: the level of 2792.90 is broken to the upside. Stop Loss: below 2785.00, Take Profit: 2880.00 – 3000.00.

Main Scenario

Consider short positions from corrections below the level of 2792.90 with a target of 2560.52 – 2418.82.

Alternative Scenario

Breakout and consolidation above the level of 2792.90 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), with wave a of 4 continuing forming inside. If the presumption is correct, the asset will continue to drop to the levels of 2560.52 – 2418.82. The level of 2792.90 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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