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XAUUSD: Elliott wave analysis and forecast for 11.03.2022 – 18.03.2022

Main scenario: consider long positions above the level of 1913.42 with a target of 2150.00 – 2200.00 after correction.

Alternative scenario: breakout and consolidation below the level of 1913.42 will allow the pair to continue declining to the levels of 1876.25 – 1779.58.

Analysis: daily chart: an ascending third wave of larger degree (3) is formed, a descending correction developed as the fourth wave (4), and the fifth wave (5) is unfolding, with the third wave 3 of (5) forming as its part. Apparently, wave iii of 3 is forming on the H4 chart, with wave of smaller degree (iii) of iii formed as its part. Supposedly, a local correction is forming as the fourth wave (iv) of iii on the H1 chart. If the presumption is correct, the pair will continue to rise to the levels of 2150.00 – 2200.00 once the correction is over. The level of 1913.42 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1876.25 – 1779.58.

LiteFinance: XAUUSD: Elliott wave analysis and forecast for 11.03.2022 – 18.03.2022 | LiteFinance


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