H4 is looking corrective, I'm looking at a possible running or expanding flat for at least a C up.
I could be wrong and the internal structure is complete, I don't really like it but it is possible.
Although it's looking corrective it could be the start of the larger C wave up so I want to risk the buy!
Looking for 1st TP at 100fib, 100fib will change depending on where the internal C wave down ends.
There is no confirmation D1 C wave is over so price can push lower. On H4 we could get an expanding pattern breaking the low so I will wait for confirmation of more upside to come before buying!
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D1 Possible structure, Check out the idea details for the full rundown. Thanks
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So we got the internal C wave down as per my analysis. Wait for confirmation of more upside to come before jumping into the buy, If price break's the invalidation point before giving a buy setup, leave it alone!
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Silver has pushed lower. Invalidation point still holding, look for bull flag on lower TF to confirm more upside to come before buying.
Nice idea on XAGUSD. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first resistance at 15.20. It is horizontal pullback resistance, 100%, 61.8% Fibonacci extension and a 38.2% Fibonacci retracement. Stochastic is approaching resistance and we might see a corresponding drop in price. If a corresponding drop does occur, we may want to take a look at the 14.54 support level. It is a horizontal overlap support, 61.8% Fibonacci extension and a 61.8% Fibonacci retracement.
Please take a look at our idea and share with us what you think.
Boon2
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@easyMarkets, Thanks for sharing your idea and comment. The way price action is developing it's pointing to a couple different scenarios. both are bullish.
We either have an ABC completed on H4 and it's up from here. There is a possible M15 running flat right as I speak supporting that view
Or it's going to be a bit more complex structure in B like I'v shown in this idea. Wave C down doesn't have to break the low like I have illustrated, It could be a running flat which is more than likely.
Regarding your analysis it looks like your 1st resistance is around the 100fib level which is what I have shown on the chart as a 1st TP to lock in some profits and move to BE.
Please take a look at our idea and share with us what you think.