After our last target on XAGUSD bullish analysis (see related ideas), the target zone was hit and managed to bounce the price by a $1 i.e. 500 pips. Now, we should be expecting some large frame correction considering the following technical aspects that silver just presented:
1- Weekly Bearish Harami Candle
2- Strong Daily bearish engulfing candle on last Thursday
3- Rising wedge pattern marking bullish exhaustion which marked breakout with the daily bullish engulfing as well
4- Since we strongly bounced from the major supply starting from 24.14, we have further evidence that this may be the final target we see on silver before a reasonable correction
5- That green demand zone marked on the chart is the most probable correction target so far
Best of luck and Happy trading :-)
1- Weekly Bearish Harami Candle
2- Strong Daily bearish engulfing candle on last Thursday
3- Rising wedge pattern marking bullish exhaustion which marked breakout with the daily bullish engulfing as well
4- Since we strongly bounced from the major supply starting from 24.14, we have further evidence that this may be the final target we see on silver before a reasonable correction
5- That green demand zone marked on the chart is the most probable correction target so far
Best of luck and Happy trading :-)
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Here is a zoomed in update of the wedge btw, lets see if next quarter marks a possible bear. Best of luck and be patient :-)
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We might have broken the wedge with this last H4, but circumstances still hang in odds of luck since it is the last day of the year
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Trade stängt: målet nått:
Correction target reached at 21.5, hope you guys enjoyed it :-)
