Price action has been following the structure path from Dec 2018 - March 2020 up to this point. As an ending diagonal forms on a macro level right at the point where the March 2020 crash took place, price action is pointing to a historical repeat.
Be cautious heading into next week. I anticipate heavy market volatility following the US Bank Holiday.
Short Term XRP is moving lower setting itself up for a major potential long opportunity. With the formation of an ending diagonal in progress; with completion of the 5th wave looking to be in the $0.15 to 0.11 region. Watch this area for a major price move if the lower support level holds.
If XAG/USD can manage to break the 18.4000 price level, I would expect Silver to push much further to the upside. The break of this level would be a break of the daily down trend and would indicate a bullish trend shift.
With the completion of wave 1 and pull back of wave 2, USOIL is setting up to make a further push to the upside. OPEC meetings today may be the catalyst to give price that extra push, which could create an extended 3rd wave.
XAUUSD looks to be completing a 4th wave, which should push the the price higher in the short term before making a final 5th wave move to the downside.
Watching XAGUSD for rejection around the 50% pull back of the proposed impulse wave 1. If rejection of this area is shown, the potential for a 3rd wave move up is likely.
