As mentioned in previous posts on XAGUSD, I'm strongly biased that price will rally to $20.00 and then some. Here we have a 1-2-3-4-5 sequence, in which wave 2 is a textbook running flat structure. At current levels, price may probably signal reversal with an ending diagonal/v-pattern. Wait for clear confirmation before looking for any long entries.
I'm looking at a textbook expanding or running flat structure. However this scenario needs additional confirmation as it is not yet clear. I have a modest target at 108.176. Trade with caution.
Price has already confirmed the short trade and I see a regular flat structure ensuing. I strongly believe that we are in the beginning stages of the rally that will take us to $1600.00.
Price has formed a zigzag structure from the drop on October 15th, 2019. At current levels, price has retraced into the golden zone (50.00 - 61.80), an area whereby we may reasonably expect some reversal and trend continuation. However I'm quite skeptical about the current sell because price may just correct in a double structure before we see the imminent drop ....
We're seeing a complete Gartley pattern and at current levels, price is beginning to show signs of reversal at the 1.3070 level. I'm looking for one more rally to the upside before we continue with the overall trend on the daily chart. Wait for clear confirmation before looking for an entry.
Price seemed as if it was forming a triple correction a couple of sessions ago. This however failed following the impulse to $17.59. A corrective structure will confirm further upside into the bluebox.
We're currently seeing an ending diagonal on the Dow, and this is the same pattern we're seeing on the Nasdaq and S&P 500. In wave analysis, it is an unwritten rule that we must see divergence between waves 3 and 5 in an ending diagonal sequence. I'm looking for price to make one more up before we begin the downtrend.
The price of silver, as we all know, behaves in the same way as the price of gold. Since 2016, both have been forming a weekly corrective pattern in the form of a regular flat. By year end, I'm expecting silver to retest the $20.00 area before coming down for wave Y of the zigzag pattern.
If you look closely on the 4H, we've completed a WXY pattern. The correction may be complete unless price comes down and sets up for a WXYXZ. After this corrective move is over, I expect to see price rallying higher for a wave 5 which could possibly take us to +- 1600 by year end or early January. The other important aspect to note is that the corrective ABC...
Price confirmed a short entry a couple of sessions ago when it reversed from my blue box. We also have a possible Gartley pattern unfolding. I'm targeting the 13.5000 area because I'm looking at wave X to be a regular flat. This is also the point at which I expect to see some reversal to send us back up to the 15.0000 area.
We're looking at what seems to be an expanding flat and if my biases are correct, price can potentially go all the way to retest at 108.44. The setup is valid as all the boxes have been ticked and the trade is ready.
At the moment, we're looking for price to give us more downside to confirm the leading diagonal we forming into wave C. At current levels, we can see price correcting the down move from 1.2567. A sell setup will be confirmed if price breaks below and closes below the correction. Let's be patient and wait for clear confirmation.
As we kick-start Q4, the general outlook is that price will rally and eventually reach the 1.4200 level, thereby completing the potential regular flat we see forming on the daily chart. This will probably occur correctively. In the interim, we have a corrective structure forming which is not very clear at the moment. Patience is the name of the game - let's wait...
What we thought to be an ending diagonal has manifested into a corrective WXY expanding flat on the micro degree. I'm expecting reversal between 1.0011 and 1.0062. From current levels, the trade looks ready. Let's wait for confirmation to enter.