Silver Warning: RD- + PRZ = Short Opportunity?

Nov 27

Today, we're diving into Silver(XAGUSD), and it seems that there’s a potential short opportunity on the horizon.

Currently, silver is approaching a Potential Reversal Zone(PRZ)[$54.80-$53.60] and an ascending channel.

From an Elliott Wave perspective, it appears that silver has completed wave C of an Expanding Flat Pattern(3-3-5/ABC).

Additionally, we’re noticing a Regular bearish Divergence (RD-) between the price peaks, which adds to the bearish sentiment.

I expect that, following a break below the lower line of the ascending channel, silver could also break through its Support zone($52.73-$52.00) and potentially decline to around the $51.33 level.

First Target: $51.33

Second Target: Support lines

Stop Loss(SL): $54.63

💡 Please respect each other's opinions and express agreement or disagreement politely.

📌 Silver/ U.S. Dollar Analyze (XAGUSD), 1-hour time frame.

🛑 Always set a Stop Loss(SL) for every position you open.

✅ This is just my idea; I’d love to see your thoughts too!

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Nov 28

Note

Silver started to rise with high momentum after failing to break the lower line of the ascending channel

On the 4-hour time frame, if we look at the silver chart, we see an ascending triangle pattern where silver managed to break the upper line like this. (Of course, the ascending triangle pattern is not considered a strong continuation pattern).

With the upper line of this triangle broken, we can consider the start of a new impulsive wave for silver.

It is better to wait for a correction to find the opportunity to re-enter while respecting capital.

In general, when an asset makes a new ATH, technical analysis becomes difficult because there is no history behind it.

The target for silver could be around $60, but it may not reach that exact price.