TradingClear
Long

SILVER - Daily Timeframe - Update on Potential Buy Opportunities

OANDA:XAGUSD   Silver / U.S. Dollar
Behaving as expected, the weekly long consolidation never broke to the upside, and instead is coming down pretty strong from "C". If this ultimately confirms as a running flat for more downside, the pair will go for one more downwards movement on the daily. This, in turn, would be extremely good news for us, as it would be the final confirmation for a coming big movement to the upside, once the downside movement ends. The expected upside is particularly interesting, as it has the potential to take the price all the way to the $ 21.5 area, for a great R/R (according to when and how long positions are taken).
As it stands now on the daily, it is unclear where exactly this last downside movement that has already commenced will end.
According to how you see the structure, in fact, it could go all the way to the $ 14.4 area and lower, if we see this as a consecutive impulse to the downside following the primary "ABC" correction (contracting flat,in yellow), which was followed by another minor flat.
But it could also end up much sooner, for example around the $ 15.4 area, if we read the primary "A" leg (in pink) as the first reversal impulse to the upside, followed by a huge "ABC" running flat (in pink).
For the time being, therefore, we will wait and see if, on the lower timeframe, we will have a clearer indication of what is the pattern involved in the bigger structure, after which we will be definitely looking into buying Silver             .
Updates on smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.

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