Silver. XAGUSD.
The heavy drop today can be the beginning of the next wave in the downtrend. The price seemed to be forming a triangle for a few weeks now, and if the formation remains valid, the price is likely to drop further in the coming weeks. A move above the current wave E ($23.99) should count as an invalidation to this count. Below that level, the price can create a bearish wave count on a smaller time frame.
The heavy drop today can be the beginning of the next wave in the downtrend. The price seemed to be forming a triangle for a few weeks now, and if the formation remains valid, the price is likely to drop further in the coming weeks. A move above the current wave E ($23.99) should count as an invalidation to this count. Below that level, the price can create a bearish wave count on a smaller time frame.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.