XAUUSD: Elliott wave analysis and forecast for 30.04.21 – 07.05.21

Main scenario: consider long positions from corrections above the level of 1751.35 with a target of 1817.95 – 1851.32.

Alternative scenario: breakout and consolidation below the level of 1751.35 will allow the pair to continue declining to the levels of 1722.72 – 1675.55.

Analysis: an ascending third wave of larger degree (3) formed on the daily time frame, and a descending correction developed as wave (4), supposedly. H4 time frame: apparently, the fifth wave (5) started forming, with the first wave of smaller degree 1 of (5) forming inside. Apparently, the third wave iii of 1 finished forming, and a... Read full author’s opinion and review in blog of #LiteForex