XAGUSD Long Term Plan
Updated
I am super bullish on XAG, however be aware that we are too close to a potential correction area as marked on the chart.
I would not expect a huge sell from the green line. 17.100 area might be the target for that correction. 16.850 would be the max correction area.
If it can shoot higher, up to my primary target area zone (without a notable correction) then definitely a correction will occur on that point. I do not expect it to fall inside the triangle again, so 17.100 would be the max correction target, however the correction might well end around 17.8 or 17.3.
Each pull back is a buy opportunity in my view. Would sell this conservatively and buy it aggressively.
2 Additional Scenarios to Consider:
Deep correction scenario
Aggressive scenario.
I would not expect a huge sell from the green line. 17.100 area might be the target for that correction. 16.850 would be the max correction area.
If it can shoot higher, up to my primary target area zone (without a notable correction) then definitely a correction will occur on that point. I do not expect it to fall inside the triangle again, so 17.100 would be the max correction target, however the correction might well end around 17.8 or 17.3.
Each pull back is a buy opportunity in my view. Would sell this conservatively and buy it aggressively.
2 Additional Scenarios to Consider:
Deep correction scenario
Aggressive scenario.
Note
My fav scenario is: We start the week like as the white line suggests. After hitting 18.2, we correct a bit deeper than the white line shows but not as deep as the blue line predicts. I expect 17.100 would be the final stop before the next impulsive movement. Still that's just my scenario, you should take into consideration all other possible scenarios, just in case.
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