XAGUSDXAGUSD started in the 4-hour time frame from the perspective of corrective wave A and will continue until at least $32 corrective wave A.
Here, due to the extension of wave 3, wave 5 is a truncated wave
XAGUSD trade ideas
XAGUSDSilver has formed a double bottom in the 4-hour time frame, which will only cross the specified static resistance, and will rise sharply to $35.
Elliott Wave View in Silver (XAGUSD) Favors the Metal Going HighShort Term Elliott Wave in Silver (XAGUSD) shows that the metal ended wave ((4)) at 29.63. The metal has turned higher in wave ((5)). The structure of the rally is unfolding as a 5 waves Elliott Wave impulse structure. Up from wave ((4)) low on 11.28.2024, wave (i) ended at 30.29 and wave (ii) dips ended at 30.17. Wave (iii) higher ended at 30.75 and pullback in wave (iv) ended at 30.56. Final leg wave (v) higher ended at 30.89. This completed wave ((i)) in higher degree. Pullback in wave ((ii)) ended at 30.04 with internal subdivision as a zigzag. Down from wave ((i)), wave (a) ended at 30.5 and wave (b) ended at 30.73. Wave (c) lower ended at 30.04 which completed wave ((ii)).
The metal has resumed higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 30.67 and wave (ii) pullback ended at 30.3. Wave (iii) higher ended at 31.07 and pullback in wave (iv) ended at 30.7. Final leg wave (v) ended at 31.13 which completed wave ((iii)). Pullback in wave ((iv)) ended at 30.44 and final wave ((v)) higher ended at 31.47. This should complete wave 1 in higher degree. Pullback in wave 2 is now in progress to correct cycle from 11.28.2024 low in 3, 7, 11 swing before the metal resumes higher again.
Silver Wave Analysis 4 December 2024
- Silver reversed from round support level 30.00
- Likely to rise to resistance level 32.00
Silver recently reversed up from the round support level 30.00, which has stopped all previous downward corrections from September.
The support level 30.00 was strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci correction of the sharp upward impulse from August.
Given the clear daily uptrend, Silver can be expected to rise further to the next resistance level 32.00, former top of the minor correction from the start of November.
SILVERsilver reacted on ADP non farm employment change, on lower than expected data, buyers reacted.
i expect to see more upswing
SILVER RISKY SHORT|
✅SILVER surged again to retest the resistance of 31.54$
But it is a strong key level
So I think that there is a high chance
That we will see a bearish pullback and a move down
SHORT🔥
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Potential bullish rise?XAG/USD has reacted off the support level which is an overlap support and could rise from this level to our take profit.
Entry: 30.68
Why we like it:
There is an overlap support level.
Stop loss: 30.056
Why we like it:
There is a pullback support level.
Take profit: 32.02
Why we like it:
There is a pullback resistance level that aligns with the 50% Fibonacci retracement.
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Silver shaping for bullish move?Hi guys,
Silver has consolidated after digesting gains from its last run up.
Price has formed a double bottom on daily chart at precisely the 61.8 fib level from its most recent high to daily support.
The right hand side of the double bottom is now looking like an inverse head and shoulders pattern on 4hr or 1 hour time frame with a break of the neckline. Price is currently retesting the neckline level where buy setups may appear on lower time frames.
Safe Trading all
Silver double bottomSilver is a heartbreaker if it doesn’t play my game. On a slightly larger scale, I see a potential head and shoulders pattern forming on the Silver chart, indicating a possible downward direction. However, I also observe a double bottom pattern, where both bottoms have formed inverse head and shoulders patterns. If this “W” shape breaks upward, my target would be the 0.618 Fibonacci retracement level at 32.85. On a larger scale, this upward move could potentially develop into wave “B” of an ABC correction pattern.
XAGUSD - Short SetupMy main trading principle is that the price always moves from swept liquidity levels to untouched liquidity levels.
In particular case we clearly can see the following context: price swept 1D key liquidity level and left untouched level lower.
But to take more statistically more probable trades we should wait for some time of lower timeframe confirmation. For me the best way to confirm higher timeframe context is structure.
We can notice the break of market structure (sign of weakness) on key liquidity level, so there is a higher probability to see price lower at least on opposite level (marked lower).
Your success is determined solely by your ability to consistently follow the same principles.
Silver Sell IdeaXAG/USD - Sell Limit Opportunity Following Liquidity Sweep
Silver (XAG/USD) has recently tapped into a key liquidity zone, creating an ideal setup for a potential reversal. The price action indicates that the market may face resistance at higher levels, offering a strategic sell limit opportunity.
Key Observations:
Liquidity Zone: Price has swept above a critical resistance level, trapping buyers and clearing stop-losses.
Market Structure: Bearish rejection candles and weakening upward momentum suggest a potential downturn.
Optimal Entry: A sell limit positioned at specific price level aligns with the identified resistance and liquidity grab.
Trade Plan:
Entry: Sell limit at specific level, anticipating a reversal from the liquidity zone.
Stop Loss: Set above the liquidity sweep to account for volatility.
Take Profit: Targeting support levels at specific levels, ensuring a solid risk-reward ratio.
Risk Management:
This trade capitalizes on market inefficiencies, but proper position sizing and a disciplined approach are critical. Monitor for confirmation of bearish sentiment before committing fully.
XAGUSD: Preparing for the Next Leg DownSilver has completed a five-wave structure to the downside, followed by a Zigzag correction near the 0.786 Fibonacci retracement level. I anticipate further decline in the market and recommend considering short positions after a confirmed break below Wave B.
XAGUSD bearish gattli patternOn the 4-hour chart, XAGUSD is currently forming a bearish gattli pattern. Currently, XAGUSD faces a downside risk, with a downside target of around 30.45. If the price breaks through the resistance around 31.45, an upward trend will begin.
XAGUSDSilver formed a QM pattern in the two-hour time frame, if it can break the specified neckline and the candle confirms it, there is a possibility that silver will rise sharply to $35.
Bullish bounce off overlap support?The Silver (XAG/USD) is falling towards the pivot which has been identified as an overlap support and could bounce to the 1st resistance which acts as a pullback resistance.
Pivot: 30.69
1st Support: 29.80
1st Resistance: 31.51
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BUY XAGUSD (SILVER) - H4 and H1 Trade entries explainedTrader Tom, a technical analyst with over 15 years’ experience, explains his trade idea using price action and a top down approach. This is one of many trades so if you would like to see more then please follow us and hit the boost button.
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