MarcoJarquin
Short

Short on XAGUSD but awaiting confirmations

FX_IDC:XAGUSD   Silver / U.S. Dollar
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Sharing my observations on XAGUSD @H4. A Market Maker pattern (MAAWVV) seems to be forming in a consolidation zone that has been developing in a range of 65 pips, between 14.90 and 15.55. Both min and max points happened in the first "arm" of the "M", which started on June 19th. Given its importance in this pattern, I'm using that Fibo as a first reference (Wave (0)-(1)). Second Fibo reference is the one built in a downtrend in the right arm of the second "A" (Wave 2-3) and lastly, I'm using the Fibo expansion between 3-4-5 looking for confluences. Considering the internal divergence observed in the RSI and at the MACD , this approach makes me think that the left arm of the first "V" in this pattern will start forming soon and it might aim down to the resistance point 15.055, identified in the Daily chart . Awaiting confirmations.
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