According to some Elliott wave analysts, XAUUSD is currently in a corrective phase after completing a five-wave impulse from the low of 1160.17 in August 2018 to the high of 2074.88 in August 2020. The correction is expected to be a complex WXYXZ structure, with the final Z wave targeting the levels of 1723.42 – 1698.943. After that, a new impulse wave could start, aiming for the levels of 1880.00 – 1920.84 or higher4.
However, this is just one possible scenario based on Elliott wave theory, and it is not a reliable prediction or recommendation. Trading involves risks and uncertainties, and you should always do your own research and analysis before making any trading decisions. I hope this information was helpful to you. 😊
However, this is just one possible scenario based on Elliott wave theory, and it is not a reliable prediction or recommendation. Trading involves risks and uncertainties, and you should always do your own research and analysis before making any trading decisions. I hope this information was helpful to you. 😊
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wait for price in 5 wave and touch red bullish trendline