XAG/USD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 22.48 |
| Take Profit | 19.56, 18.80 |
| Stop Loss | 23.75 |
| Key Levels | 18.80, 19.56, 23.75, 24.95, 26.11 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 23.80 |
| Take Profit | 24.95, 26.11 |
| Stop Loss | 23.40 |
| Key Levels | 18.80, 19.56, 23.75, 24.95, 26.11 |
The price is in a correction and a fall is possible.
On the daily chart, a downward correction of the higher level ended 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 (iii) of c has formed, and the wave (iv) of c is ending. If the assumption is correct, the XAG/USD pair will fall to the area of 19.56–18.80. In this scenario, critical stop loss level is 23.75.
Main scenario
Short positions will become relevant below the level of 23.75 with the targets at 19.56–18.80. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 23.75 will let the asset grow to the area of 24.95–26.11.
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