XAUUSD: Elliott wave analysis and forecast for 09.07.21 – 16.07.21

Most important situation: take into account lengthy positions from corrections above the extent of 1749.36 with a goal of 1958.14 – 2016.10.

Different situation: Breakout and consolidation under the extent of 1749.36 will enable the pair to proceed declining to the degrees of 1673.40 – 1568.91.

Evaluation: an ascending third wave of bigger diploma (3) shaped on the day by day time-frame, and a descending correction developed as wave (4), supposedly. The fifth wave (5) seems to be creating on the H4 time-frame, with the primary wave of smaller diploma 1 of (5) shaped and a downward correction accomplished as wave 2 of (5) inside. The third wave 3 of (5) is beginning to develop on the H1 time-frame, with wave (i) of i of three shaped inside. If the presumption is appropriate, the pair could also be anticipated to rise to the degrees of 1958.14 – 2016.10. The extent of 1749.36 is essential on this situation as a breakout will allow the pair to proceed declining to the degrees of 1673.40 – 1568.91.

Value chart of XAUUSD in actual time mode

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