XAG/USD 29.11.24

Nov 29, 2024

XAGUSD

Hello Traders,

After a long-term analysis of the silver chart, I am fairly confident that this calculation is correct. Following a 12345 setup downward from a larger wave 3, we may have potentially formed an A wave of an ABC correction within the larger wave 4.

While A waves can sometimes follow a 12345 pattern, this is less common—especially in the case of silver, where the chart is quite messy. Therefore, I wouldn’t be overly concerned whether the A wave forms an ABC or a 12345 setup.

What’s important now is to see a breakout above the last high to confirm the bullish momentum. Once this happens, wave B can be calculated using Fibonacci levels. After wave B is completed, we can proceed to calculate wave C.

Nov 30, 2024

Order cancelled

Before we can see this move to the upside I think we'll get one more low. Update tomorrow.