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Xagusdbuy

Triangle Breakout on Silver Set a Stage for a Bullish Reversal Just as in the case of Gold (XAUSUD) analysis published previously; Silver (XAGUSD) seems to have formed a contracting triangle corrective pattern in wave 4 as indicated by the wave structure of the sideways price action in September and October and by the converging trendlines that connected the extremes of waves (a), (b), (c), (d) and (e). What is most interesting is that Elliot Wave alternation guidelines were followed correctly. Wave 2 unfolded as a zigzag and retraced 78.6% of wave 1, while wave 4 unfolded as a triangle and retraced 50% of wave 3. According to Elliot Wave Theory, triangle always precedes the final move of a sequence. And once a correction is completed, the price resumes in the direction of the major trend, which is bullish in this case. The triangle correction has set up a potential Wave 5 rally in Silver, and the projected target is 61.8 Fibonacci extension (blue area) on the chart. Price has broken the extreme of wave (d) of the triangle, so the pattern has been confirmed, and traders should be looking for buy opportunity in subsequent HL on the lower timeframe. Thanks for reading! Veejahbee.
OANDA:XAGUSDLong
by Veejahbee
XAGUSD approaching support, potential for a bounce! XAGUSD is expected to drop to 1st support at 15.11395 where it could potentially react off and up to 1st resistance at 15.35743. *Disclaimer.* Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
OANDA:XAGUSDLong
by Pepperstone
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