XAG/USD: WAVE ANALYSIS
| Scenery | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry point | 29.12 |
| Take Profit | 35.50, 38.70 |
| Stop Loss | 28.53 |
| Key levels | 21.91, 25.82, 28.53, 35.50, 38.70 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry point | 28.50 |
| Take Profit | 25.82, 21.91 |
| Stop Loss | 29.40 |
| Key levels | 21.91, 25.82, 28.53, 35.50, 38.70 |
The probability of growth remains.
On the daily chart, the construction of the third wave of the higher level (3) continues, which consists of the development of wave 3 of (3). At this moment, a third wave of lower level iii of 3 is forming, in which the local correction was completed as wave (iv) of iii. If the assumption is correct, the XAG/USD pair will rise in wave (v) of iii in the area of 35.50-38.70. The critical stop-loss level for this scenario is 28.53.
Main stage
Long positions are relevant above the level of 28.53 with targets of 35.50–38.70. Implementation period: 7 days or more.
Alternative scenario
The breakout and consolidation of the price below the level of 28.53 will allow the trading instrument to continue the downward momentum in the area of 25.82–21.91.
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