Silver Bulls Seem Exhausted, Major Correction Expected

Dec 18, 2022

After our last target on XAGUSD bullish analysis (see related ideas), the target zone was hit and managed to bounce the price by a $1 i.e. 500 pips. Now, we should be expecting some large frame correction considering the following technical aspects that silver just presented:

1- Weekly Bearish Harami Candle
2- Strong Daily bearish engulfing candle on last Thursday
3- Rising wedge pattern marking bullish exhaustion which marked breakout with the daily bullish engulfing as well
4- Since we strongly bounced from the major supply starting from 24.14, we have further evidence that this may be the final target we see on silver before a reasonable correction
5- That green demand zone marked on the chart is the most probable correction target so far

Best of luck and Happy trading :-)

Dec 28, 2022

Note

Here is a zoomed in update of the wedge btw, lets see if next quarter marks a possible bear. Best of luck and be patient :-)

Dec 30, 2022

Note

We might have broken the wedge with this last H4, but circumstances still hang in odds of luck since it is the last day of the year

Jan 10, 2023

Note

Feb 15, 2023

Trade closed: target reached

Correction target reached at 21.5, hope you guys enjoyed it :-)