XAGUSD: Reactionary Bearish Wave Could Turn Into ZIG-ZAG
I turned bearish on XAGUSD since prices broke above the psychological multiyear triangle (15.56 intersection).
With Primary 3 well out the way and Intermediate A seem completed we are now looking at our options with respect to the deepness of the current reactionary structure.
Since we are moving within motive intermediate B, hence looking for a potential turn-around level, it may worth putting a tag at the Golden Ratio at 18.9514. That level is not only in confluence with the minute open triangle correction pattern but gives us a structurally correct target for minor and intermediate waves C, and cycle wave 4.
In the scenario prices stop and reverse down we could have a zig-zag pattern. The break of 17.79 could take minor A down at 17.07 and minor C at 15.91.
The zig-zag pattern would require minor B to stop and continue lower below the 17.79 level.
Note the FE levels above are in confluence with intermediate 4 low and minor 4 low!
Should bears take over once again intermediate C will be on its way nevertheless!
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
With Primary 3 well out the way and Intermediate A seem completed we are now looking at our options with respect to the deepness of the current reactionary structure.
Since we are moving within motive intermediate B, hence looking for a potential turn-around level, it may worth putting a tag at the Golden Ratio at 18.9514. That level is not only in confluence with the minute open triangle correction pattern but gives us a structurally correct target for minor and intermediate waves C, and cycle wave 4.
In the scenario prices stop and reverse down we could have a zig-zag pattern. The break of 17.79 could take minor A down at 17.07 and minor C at 15.91.
The zig-zag pattern would require minor B to stop and continue lower below the 17.79 level.
Note the FE levels above are in confluence with intermediate 4 low and minor 4 low!
Should bears take over once again intermediate C will be on its way nevertheless!
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
Catatan
Latter is the case, with a larger triangle in formation. Expect 18.95 correction and down, or invalidationCatatan
1st target taken. Looking at 16 next. Otherwise, double zig-zag would be invalidated.
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