XAUUSD: Elliott wave analysis and forecast for 13.09.24 – 20.09.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider long positions from corrections above the level of 2497.30 with a growth target of 2600.00 – 2700.00. A buy signal: if the price holds above 2497.30. Stop Loss: below 2480.00, Take Profit: 2600.00 – 2700.00.
  • Alternative scenario: breakout and consolidation below the level of 2497.30 will allow the pair to continue declining to the levels of 2427.72 – 2292.30. A sell signal: once the level of 2497.30 is broken to the downside. Stop Loss: above 2510.00, Take Profit: 2427.72 – 2292.30.

Main scenario

Consider long positions from a correction above the level of 2497.30 with a target of 2600.00 – 2700.00.

Alternative scenario

Breakout and consolidation below the level of 2497.30 will allow the pair to continue declining to the levels of 2427.72 – 2292.30.

Analysis

The fifth wave of larger degree (5) is presumably developing on the daily chart, with wave 3 of (5) forming as its part. Apparently, the fifth wave v of 3 is developing on the H4 time frame, with wave (iii) of v continuing forming as its part. On the H1 time frame, a local correction has finished developing as wave iv of (iii), and wave v of (iii) is forming. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2600.00 – 2700.00. The level of 2497.30 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 2427.72 – 2292.30.



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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