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XAGUSD, Elliot Wave Analysis

12/27/2022 10:35 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 formation of the third wave (3) started, within which the first entry wave of the lower level 1 of (3) develops. Now, the wave iii of 1 has formed, and a local correction is developing as the wave iv of 1, within which the wave (c) of iv is forming. If the assumption is correct, the XAG/USD pair will grow to the area of 25.00–26.00. In this scenario, critical stop loss level is 21.82.

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