Silver Bulls Seem Exhausted, Major Correction Expected

18 Des 2022

After our last target on XAGUSD bullish analysis (see related ideas), the target zone was hit and managed to bounce the price by a $1 i.e. 500 pips. Now, we should be expecting some large frame correction considering the following technical aspects that silver just presented:

1- Weekly Bearish Harami Candle
2- Strong Daily bearish engulfing candle on last Thursday
3- Rising wedge pattern marking bullish exhaustion which marked breakout with the daily bullish engulfing as well
4- Since we strongly bounced from the major supply starting from 24.14, we have further evidence that this may be the final target we see on silver before a reasonable correction
5- That green demand zone marked on the chart is the most probable correction target so far

Best of luck and Happy trading :-)

28 Des 2022

Catatan

Here is a zoomed in update of the wedge btw, lets see if next quarter marks a possible bear. Best of luck and be patient :-)

30 Des 2022

Catatan

We might have broken the wedge with this last H4, but circumstances still hang in odds of luck since it is the last day of the year

10 Jan 2023

Catatan

15 Feb 2023

Trading ditutup: target tercapai

Correction target reached at 21.5, hope you guys enjoyed it :-)