XAU/USD: Wave analysis and forecast for 15/03/2019 – 22/03/2019

The pair XAU/USD is still likely to grow. Estimated pivot point is at a level of  1280.14.

Main scenario: long positions will be relevant from corrections above the level of  1280.14 with a target of  1385.94.

Alternative scenario: Breakout and consolidation below the level of   1280.14 will allow the pair to continue declining to the levels of  1244.40 – 1194.20.

Analysis: Supposedly, the third wave of senior level  iii of C of (B) continues forming on the daily time frame. Apparently, the third wave of junior level (iii) of iii of C has been formed on the 4-hour time frame and a local correction finished developing in the form of the wave (iv) of iii. Supposedly, the fifth wave (v) of iii started developing on the H1 time frame. If the presumption is correct, the pair will resume growing to the level of 1385.94. The level  1280.14 is critical in this scenario.