XAGUSD Spot Silver LONG - Reversal from Double Bottom

XAGUSD

Spot silver put in a triple top in early March into early April on the daily chart.

It then descended over the next three months in what may end up being the

leading side of a cup and handle pattern into a bottom about July 13th.

Spot silver then rose a bit over the next five weeks and now has retested

the bottom now forming a double bottom.

Relative strength was gradually decreasing over this time while underneath

its Ichimoku cloud. However beginning about July 15th, the relative strength

began increasing and is now above the cloud. The leading cloud edge to

the right is red and rising. This is a hint of bullish divergence perhaps

forecasting the reversal is in progress.

That said, I see spot silver reversing to an uptrend which could also

be the right side of a cup and handle pattern underway. If formed

a cup and handle pattern suggests bullish continuation. I see this

an an excellent swing long setup with potentially 40% upside.