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.
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The resistance trend line has been clearly broken. Dropping very nicely. It appears that impulse wave 3 to the downside has started.
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Price has been dropping very quickly!
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Perfect TP. Price reached target perfectly and bounced to the upside. +1.409