FX:XAGUSD   Silver/U.S. Dollar
99 3 5
See Daily idea linked below. Here, the sub-waves of my green count are move visible (I hope).
So far, only 3-waves up off last week's low are complete, leaving the wave iv triangle option open. Completing 5 waves up offers a buying opportunity for the completion of what may be an extended 5th as sometimes occurs in metals. Suggest taking profits periodically (and trailing stops) as price enters the target regions.
Negative divergence on MACD is common in wave 3 and 5. Both are evident here in the truncated (iv) shown in green. I'd expect the same IF the yellow Leading Diagonal gets another nominal high. Breakout on strong volume, with confirmed MACD breakout, would suggest wave iii of (v) is underway.
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I can get 5-up off a truncated wave (iv)...truncations aren't the most reliable pattern, but alternative looks like a Leading Diagonal (also unreliable). Prefer to wait and see if a retrace holds typical wave ii support above the .618 retrace. May be a higher correction IF this is the beginning of wave iii.
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Hourly is as close as I'm going today...
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