Silver-XAG/USD – Pullback – Minuette (iv)

Silver-XAG/USD started the Bullish Rally as per our previously posted “SILVER-XAGUSD – Bullish Intermediate (C)”.
Overall, we are looking at Silver-XAG/USD heading for $20 mark and above but for now, we are thinking that it would be time for a pullback.

Silver-XAG/USD – Daily Chart (picture):

Silver-XAG/USD – 2H Chart (picture):

Silver-XAG/USD – 2H Wave Count (picture):

Wave Analysis – Minor V (green):

• Minuette (i) (black) started the Bullish Sequence, determining the Channel.
• Minuette (ii) (black) formed a Complex WXY (red) Corrective Structure, which would lead, according to the Law of Alternation, towards a sharp Correction in Minuette (iv) (black).
• Minuette (iii) (black) seems to be limited and facing Resistance at the upper Channel Trend-Line.

Fibonacci Measurements & Projections:

• 150-161.8% Fibonacci Extensions of Minors iii & iv (green) are to be watched closely for signs of Resistance & confirmation.
• Minuette (iii) (black) would be expected to reverse on the down-side from at or around the 100% Fibonacci Extensions of Minuettes (i) &(ii) (black).

“There is also a Bearish Divergence present which could be treated as a Confirmation for this insight.”

Silver-XAG/USD – Interactive Chart:

Silver-XAG/USD – Short-Term SELL – Position:

• Entry Level – 18.10 (or Market Execution if Aggressive)
• SL – 18.40
• Targets – 17.60 / 17.40 / 17.25

Safety Measures:

• When in the green, moving SL into profit or at break-even.
• If Conservative, waiting for a higher level and a Bearish Divergence confirmation.
• If looking for set-up confirmation, waiting for a Bearish Breach of the pink trend-line and looking for a Flag Formation.

Many pips ahead!