Elliot Wave Analysis & Forecast – XAUUSD - Gold, - Weekly, 25th Jun3, 2022
If we look at above chart, wave Blue 4 was completed at @1046 on Nov, 2015 in the form of abc and afterwards the final wave blue 5 has started towards its next higher target around 2400 area. This wave has been forming since Nov, 2015 in the form of green five waves.
Green wave 3 of blue wave 5 completed @ 2073 and now prices are correcting in green wave 4. The ideal target of green wave 4 is near 1650 area or ever lower but once this green wave 4 will be completed we will see last and final wave 5 towards 2400 area.
Sellers can enter into trade at price above 1850 by putting stop at 1877-1880 area and target 1650 area. It will give good risk - reward ratio.
muhiuddin
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