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XAGUSD, Elliot Wave Analysis

11/29/2022 10:41 AM

The price is in a correction, a fall is possible.

On the daily chart, a downward correction of the higher level ended as the second wave (2), within which the wave C of (2) formed, and the development of the third wave (3) started. Now, the first entry wave of the lower level i of 1 of (3) has formed, and the correctional wave ii of 1 of (3) is developing, within which the wave (a) of ii has ended, the wave (b) of ii has formed, and the wave (c) of ii is developing. If the assumption is correct, the XAG/USD pair will fall to the area of 19.88–19.32. In this scenario, critical stop loss level is 21.70.

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