SILVER-XAU/USD delivered our previously posted and awaited Correction.
According to the updated wave count, the March-April Up-Trend is in fact Minor Wave 1 (turquoise) within the Higher Degree Intermediate Wave (3) (light blue).
Minor Wave 2 (turquoise) retraced 78.6% of Minor 1 (turquoise) which is indicating that the Correction is about to end and the overall Up-Trend to resume towards Minor 3 (turquoise).
Considering the importance of this expected move, the 3 within the 3 should have significant power in its swings on the up-side.
The current Levels are ideal for a BUY Position, however, please be advised that we would also like to disclose the fact that there is also a possibility in which we could be in a Intermediate (2) (light blue) Expanded Flat Formation.
According to our current wave count, that probability is relatively small but would imply hitting 17.00 Levels before a Major Bounce on the Up-Side.
SILVER-XAU/USD unfolded its Minor 2 (turquoise) as a Simple Correction in which all Minute Waves (red) are showing the same length of 100% Fibonacci Extensions.
Minor V (red) is showing a Bullish Divergence which is a good sign, confirming the end of this Correction.
SILVER-XAU/USD - BUY Positions:
Aggressive Entry - 17.36
SL - 17.00
Moderate Entry - 17.23
SL - 16.80
Conservative Entry - 16.90
SL - 16.60
TP 1 - 18.15
TP 2 - 18.60
TP 3 - 20.00
According to the updated wave count, the March-April Up-Trend is in fact Minor Wave 1 (turquoise) within the Higher Degree Intermediate Wave (3) (light blue).
Minor Wave 2 (turquoise) retraced 78.6% of Minor 1 (turquoise) which is indicating that the Correction is about to end and the overall Up-Trend to resume towards Minor 3 (turquoise).
Considering the importance of this expected move, the 3 within the 3 should have significant power in its swings on the up-side.
The current Levels are ideal for a BUY Position, however, please be advised that we would also like to disclose the fact that there is also a possibility in which we could be in a Intermediate (2) (light blue) Expanded Flat Formation.
According to our current wave count, that probability is relatively small but would imply hitting 17.00 Levels before a Major Bounce on the Up-Side.
SILVER-XAU/USD unfolded its Minor 2 (turquoise) as a Simple Correction in which all Minute Waves (red) are showing the same length of 100% Fibonacci Extensions.
Minor V (red) is showing a Bullish Divergence which is a good sign, confirming the end of this Correction.
SILVER-XAU/USD - BUY Positions:
Aggressive Entry - 17.36
SL - 17.00
Moderate Entry - 17.23
SL - 16.80
Conservative Entry - 16.90
SL - 16.60
TP 1 - 18.15
TP 2 - 18.60
TP 3 - 20.00