XAUUSD: Elliott wave analysis and forecast for 25.09.20 – 02.10.20

Main scenario: consider long positions from corrections above the level of 1846.65 with a target of 1973.73 – 2077.22.

Alternative scenario: breakout and consolidation below the level of 1846.65 will allow the pair to continue declining to the levels of 1822.71 – 1789.31.

Analysis: The ascending third wave of larger degree (3) presumably continues developing on the daily time frame, with wave 5 of (3) forming inside. Apparently, the third wave of smaller degree iii of 5 has formed on the H4 time frame, and presumably, a local correction finished developing in the form of wave iv of 5. Wave…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>