XAG/USD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 23.18 |
| Take Profit | 21.76, 20.78 |
| Stop Loss | 23.75 |
| Key Levels | 20.78, 21.76, 24.93, 26.84, 28.70 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 24.95 |
| Take Profit | 26.84, 28.70 |
| Stop Loss | 24.35 |
| Key Levels | 20.78, 21.76, 24.93, 26.84, 28.70 |
The price is in a correction and a fall is possible.
On the daily chart, a downward correction of the higher level formed as the second wave (2), and the third wave (3) develops, within which the entry first wave of the lower level 1 of (3) formed, and a correction develops as the second wave 2 of (3). Now, the downward wave c of 2 is forming, within which the wave (i) of c has ended, and a local correction has started to develop as the wave (ii) of c. If the assumption is correct, the XAG/USD pair will fall to the area of 21.76–20.78. In this scenario, critical stop loss level is 24.93.
Main scenario
Short positions will become relevant below the level of 24.93 with the targets at 21.76–20.78. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 24.93 will let the asset grow to the area of 26.84–28.70.
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