XAUUSD: Elliott wave analysis and forecast for 17.03.23 – 24.03.23

Main scenario: consider long positions from corrections above the level of 1855.00 with a target of 2000.00 – 2050.00.

Alternative scenario: breakout and consolidation below the level of 1855.00 will allow the pair to continue declining to the levels of 1803.10 – 1771.95.

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 first wave of smaller degree 1 of (5) is formed and a local correction is completed as second wave 2 of (5) on the H4 chart. The third wave 3 of (5) started unfolding, with wave i of 3 developing as its part. Wave (iii) of i of 3 is formed on the H1 chart, and a local correction started unfolding as wave (iv) of i of 3. If the presumption is correct, the pair will continue to rise to the levels of 2000.00 – 2050.00 once the correction is over. The level of 1855.00 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1803.10 – 1771.95.

Price chart of XAUUSD in real time mode

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