XAGUSD-SILVER is about to complete the last Bearish Swing which we’ve been waiting for quite some time.
Please view the Long-Term Analysis for a hawk-eye view.
Intermediate (B) (turquoise) unfolded with an Expanded Flat in its Minor ABC (red) Corrective Structure.
Minor C (red) has shown an Aggressive Sell-Off with almost no Retracements, which leads us to say that a Bounce at or around 16.00 Levels is on the table.
Minor C (red) is expected to end its Bearish Cycle at the 161.8% Fibonacci Extensions of Minors A & B (red), where its forming an Ending Diagonal.
The Ending Diagonal is an excellent BUY sign in our opinion, and it’s most likely going to be followed by a Bullish Divergence.
Bearish Volumes are already increasing which is a good indication that Bears are running out of steam.
On the Fundamental side, mining sectors are also finalizing their Corrective Structures and Cycles, which is very supportive for the metals.
XAGUSD-SILVER – Short & Medium-Term – BUY Position:
Entry Level – 16.00
SL – 15.50
TP1 – 18.00
TP2 – 18.80
* Note that the Entry Level can be considered also as a Long-Term Set-Up.
* Aggressive Traders would consider entering at Market Execution.
Safety Measures:
– When in the green, move SL to break-even or in profit.
– If Conservative, wait for Bullish Divergence confirmation.
– If Bullish Breach, watch for Flag Formation and wait for its Retracement.