Silver Wave Analysis: On the daily chart, the first wave of the higher level (1) of 3 formed, a downward correction developed as the wave (2) of 3, and the development of the third wave (3) of 3 started.
Now, the first wave of the lower level i of 1 of (3) has formed, a local correction has developed as the wave ii of 1, and the formation of the wave iii of 1 has started, within which the development of the wave (iii) of iii has started. If the assumption is correct, the price will grow to the levels of 26.76–28.68. In this scenario, critical stop loss level is 21.91.
Silver Price Main scenario
|Silver Price Main scenario|
|BUY||Long positions will become relevant during the correction, above the level of 21.91 with the targets at 26.76–28.68. Implementation period: 7 days and more.|
|Silver Price Alternative scenario|
|SELL||The breakdown and the consolidation of the price below the level of 21.91 will let the pair go down to the levels of 20.53–18.30.|