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XAGUSD, Elliot Wave Analysis

12/13/2022 10:20 AM

The price is in a correction and may grow.

On the daily chart, a downward correction of the higher level ended as the second wave (2), and the third wave (3) forms, within which the first entry wave of the lower level 1 of (3) develops. Now, the wave iii of 1 has formed, the wave (v) of iii has ended and a local correction is developing as the wave iv of 1. If the assumption is correct, the XAG/USD pair will grow to the area of 24.00–25.00. In this scenario, critical stop loss level is 21.51.

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