SILVER-XAGUSD is trading overall in an ABC Intermediate Structure and has completed the last Bearish Swing, which we were waiting for. Intermediate (A) (turquoise) unfolded with a 5 Wave Sequence which leads us to say that Intermediate (C) (turquoise) would most likely going to start its Bullish Rally with 5 Waves Sequence as well. Intermediate (B) (turquoise) surprised the Markets with an unexpected Expanded Flat Structure in its Minor ABC (red).
In our opinion, the Expanded Flat is about to finalize at the 161.8% Fibonacci Extensions of Minors A & B (red), leaving room for Intermediate (C) (turquoise) to commence.
* Note that we are watching the Price Action for signs and confirmation for a Bullish Divergence.
Safety Measures: - When in the green, move SL to break-even or in profit - If conservative, watch for a Bullish Divergence and confirmation - If Bullish Spike, watch Price Action for Flag Formation
Comment
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Correction should be starting soon and after that expecting the continuation.
Trade closed manually
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Closed early, structure has changed, bullish trend starting now, will update for members.
Comments
patterntrader
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Top-notch trade setup. I have to confess that charting is a skill. Hope things transpire well. Continue your good work and thanks for sharing it.
Lionheart-EWA
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@patterntrader, Thanks for the feedback and for the words, appreciate it. Your charts look nice!