XAUUSD: Elliott wave evaluation and forecast for 05.08.22 – 12.08.22

XAUUSD: Elliott wave evaluation and forecast for 05.08.22 – 12.08.22

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Primary state of affairs: take into account lengthy positions from corrections above the extent of 1679.70 with a goal of 1879.10 – 1997.97.

Various state of affairs: breakout and consolidation beneath the extent of 1679.70 will enable the pair to proceed declining to the degrees of 1650.00 – 1603.30.

Evaluation: a descending correction seems to have shaped because the fourth wave (4) of bigger diploma on the each day chart, with wave С of (4) accomplished inside. Apparently, the fifth wave (5) is beginning to develop on the H4 chart. The primary counter-trend wave of smaller diploma i of 1 of (5) is presumably growing on the H1 chart, with wave (v) of i forming as its half. If the presumption is appropriate, the pair will proceed to rise to the degrees of 1879.10 – 1997.97. The extent of 1679.70 is crucial on this state of affairs as its breakout will allow the pair to proceed declining to the degrees of 1650.00 – 1603.30.



Value chart of XAUUSD in actual time mode

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