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Main scenario: Consider buying positions from corrections above 2277.15 with a target of 2500.00 – 2560.00.
Alternative scenario: Breaking and holding below the level of 2277.15 will allow the pair to continue falling to the levels of 2154.83 – 2019.86.
analysis: It appears that the downward correction has formed as a fourth (4) wave of larger degree on the daily chart. The fifth wave (5) is unfolding, and the first wave 3 of (5) is forming as part of it. It is clear that a third wave of smaller degree iii of 3 is forming on the H4 time frame, with wave (iii) of iii and corrective wave (iv) of iii completing inside. Wave (v) of iii unfolds on time frame H1, with wave i of (v) forming and local corrective wave ii of (v) completing as its parts. If the assumption is correct, then… HowUSD The pair will continue to rise to the levels of 2500.00 – 2560.00 in wave III of (v). The 2277.15 level is crucial in this scenario as a breakout would allow the pair to continue falling to the 2154.83 – 2019.86 levels.
XAUUSD price chart in real time mode
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