Short

XAG/USD 01.12.24

Updated

Hello Traders,
In the coming week, I anticipate continued bearish momentum. Over the past weeks, the market has been dominated by bears. Currently, we are in a 1-2-3-4-5 move to the upside and transitioning from wave 3 to wave 4.

On smaller timeframes, I observe a complex (A)-(B)-(C) correction forming wave 4. From my perspective, we are now in the move from wave (B) to wave (C). Typically, the transition from B to C follows a 1-2-3-4-5 structure, as I’ve illustrated. It may look a bit disorganized, but we should remember that we are dealing with the metals sector.

My target for this week or the next is a final push to approximately 29,100. This aligns with the 100% Fibonacci extension of waves 4 to 5. Additionally, this area coincides with the first bullish Fibonacci retracement of the larger wave 4. The volume indicator also highlights significant activity at this level in the past.

Keep a close eye on this level!

Trade active

Trade looks good!

NeptenFX

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