Eliot Wave Analysis & Forecast – XAG/USD, Silver – D1 – 8th Feb, 2022

As you can see above chart, prices are still going to to reach its final target of long term second wave [II] Blue. This blue wave [||] composed of expanded flat correction in wave ABC where second wave B  crossed the 5th Wave upper and  this long term correction also forming 3-3-5 wave pattern. Once price will reach at the target area, we will see new long term impulsive rally in blue wave [III], towards 40 and much higher in future only time matters. For the moment now prices are now moving in blue wave 5 of red wave C of Blue wave [II]. Red wave C is composed of ending diagonal which consist five waves, each contains three leg formation (abc). As blue wave [II] approaching to its target, there is limited potential to downside, if price retrace to  previous high, short sell may be taken from 23.75 area with stop loss at 24.80, just above the last high targeting 21.20-30 area.


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