XAUUSD 4Hour Gold Chart 16-03-23

XAUUSD 4Hour Gold Chart

Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave

Direction Next higher Degrees: Wave (II)) of Motive

Wave Cancel invalid Level: 1858.36

Details: The dominant nature of the third wave is the break of the upper parallel channel and the expansion beyond 1.618 of the first wave leads us to expect an impulse-style rise, the last price reversing from the 1937.41 level is possible. The third wave has finished and is entering a phase of correction in the fourth wave. And the fourth wave tends to be a sideway correction as the second wave is sharp.