XAGUSD ( SILVER ) has formed a bearish engulfing pattern on the daily time frame.
Price broke strongly out of the upper Bollinger Band after making a fake breakout above the triangle.
Stop loss set above recent highs, take profit set at strong support.
Very similar setup to XAUUSD as XAGUSD are highly correlated to each other.
The resistance trend line has been clearly broken.
Dropping very nicely. It appears that impulse wave 3 to the downside has started.
Price has been dropping very quickly!
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Perfect TP. Price reached target perfectly and bounced to the upside.