XAUUSD: Elliott wave analysis and forecast for 26.05.23 – 02.06.23
Main scenario: consider long positions above the level of 1901.88 with a target of 2060.00 – 2100.00 after correction.
Alternative scenario: breakout and consolidation below the level of 1901.88 will allow the pair to continue declining to the levels of 1865.33 – 1803.84.
Analysis: on the daily chart, a downside correction presumably finished developing as the fourth wave of larger degree (4), and the fifth wave (5) is forming. Apparently, the third wave of smaller degree 3 of (5) is formed on the H4 chart, and a local correction is developing as the fourth wave 4 of (5). Wave с of 4 is nearing completion on the H1 chart, with first wave (v) of c forming as its part. If the presumption is correct, the pair will continue to rise to the levels of 2060.00 – 2100.00 once wave с of 4 is formed. The level of 1901.88 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1865.33 – 1803.84.
Price chart of XAUUSD in real time mode
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