Orbex

XAGUSD: Reactionary Bearish Wave Could Turn Into ZIG-ZAG

Kort
Orbex Uppdaterad   
OANDA:XAGUSD   Silver/USA-dollar
I turned bearish on XAGUSD since prices broke above the psychological multiyear triangle (15.56 intersection).

With Primary 3 well out the way and Intermediate A seem completed we are now looking at our options with respect to the deepness of the current reactionary structure.

Since we are moving within motive intermediate B, hence looking for a potential turn-around level, it may worth putting a tag at the Golden Ratio at 18.9514. That level is not only in confluence with the minute open triangle correction pattern but gives us a structurally correct target for minor and intermediate waves C, and cycle wave 4.

In the scenario prices stop and reverse down we could have a zig-zag pattern. The break of 17.79 could take minor A down at 17.07 and minor C at 15.91.
The zig-zag pattern would require minor B to stop and continue lower below the 17.79 level.

Note the FE levels above are in confluence with intermediate 4 low and minor 4 low!

Should bears take over once again intermediate C will be on its way nevertheless!

Stavros Tousios
Head of Investment Research
Orbex

This analysis is provided as general market commentary and does not constitute investment advice.
Kommentera:
Latter is the case, with a larger triangle in formation. Expect 18.95 correction and down, or invalidation
Kommentera:
1st target taken. Looking at 16 next. Otherwise, double zig-zag would be invalidated.

Frånsägelse av ansvar

Informationen och publikationerna är inte avsedda att vara, och utgör inte heller finansiella, investerings-, handels- eller andra typer av råd eller rekommendationer som tillhandahålls eller stöds av TradingView. Läs mer i Användarvillkoren.