Main scenario: consider long positions from corrections above the level of 1848.63 with a target of 2014.94 – 2077.21.

Alternative scenario: breakout and consolidation below the level of 1848.63 will allow the pair to continue declining to the levels of 1762.45 – 1687.37.

Analysis: Presumably, the ascending third wave of larger degree (3) continues developing on the daily time frame, with wave 5 of (3) forming inside. The third wave of smaller degree iii of 5 appears to have formed on the H4 time frame, and a local correction finished developing in the form of wave iv of 5. The fifth wave v of 5 started to develop on the H1 time frame, with wave (i) of v formed and a local correction competed in the form of wave (ii) of v inside. If the presumption is correct, the pair will resume rising in wave (iii) of v to the levels 2014.94 – 2077.21. The level of 1848.63 is critical in this scenario, as the breakout will enable the pair to continue declining to the levels of 1762.45 – 1687.37.

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Price chart of XAUUSD in real time mode

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