Silver (XAGUSD): Anticipating a Wave 4 Correction

Jul 19

Since our entry at $26.31, silver has experienced a significant rally, reaching up to $32.50. We anticipate a correction downward to form a Wave 4.

The recent rise to $32.50 indicates a strong upward movement, but now a correction is expected. We expect silver to correct downward into the 38.2% to 50% retracement zone before continuing its upward trend.

Our strategy involves maintaining our current stop-loss level without adjustment while allowing the market to correct. We have already secured some profits, reducing our risk. We are targeting the 38.2% to 50% Fibonacci retracement zone for potential re-entry, which will likely provide a strong support area for the next upward movement.