#Silver #XAGUSD may have completed a long sideways correction
Silver seems to have completed a rather long sideways correction to 21.42 levels. A labelled chart is shown. Yesterday's dip was a 5th wave downside thrust from a 4th wave triangle and found support at the earlier low in Sep '20
If yesterdays low holds, we are headed higher. The Risk to Reward on this trade is worth a bet on. Look for new multi year highs if 21.40 level holds
The current count has a very small wave 2 (circle) and a large wave 4 (circle) - This is not ideal but we'll go with this for now. The alternate is that the current sideways move is Wave 2 and the Aug '20 high was wave 1 - this makes it a extremely bullish count.
If yesterdays low holds, we are headed higher. The Risk to Reward on this trade is worth a bet on. Look for new multi year highs if 21.40 level holds
The current count has a very small wave 2 (circle) and a large wave 4 (circle) - This is not ideal but we'll go with this for now. The alternate is that the current sideways move is Wave 2 and the Aug '20 high was wave 1 - this makes it a extremely bullish count.
Michael @ SolomonsView
Twitter - @SolomonsView
Twitter - @SolomonsView
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