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XAGUSD, Elliot Wave Analysis

1/16/2023 10:47 AM

Growth is possible.

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, a local correction has ended as the wave iv of 1, and the development of the wave v of 1 has started. If the assumption is correct, the XAG/USD pair will grow to the area of 26.00–27.00. In this scenario, critical stop loss level is 23.04.

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