XAGUSD
is in a possible 4th wave in an impulse Elliott wave series. This correction has potentially run its course indicated by the high level RSI. I will watch for the correction to either continue to the upside or begin the 5th wave and immediately retrace down to the 1st trend line. If it is indeed in an impulse Elliot wave, then it should continue its decline breaking the 161.8% Fib level as well as the 1st trend line into the demand zone with a possible rebound on the 2nd trend line. A close below the 50 MA will be a very good reassurance of a confirmed 5th wave downtrend.
XAGUSD
is in a possible 4th wave in an impulse Elliott wave series. This correction has potentially run its course indicated by the high level RSI. I will watch for the correction to either continue to the upside or begin the 5th wave and immediately retrace down to the 1st trend line. If it is indeed in an impulse Elliot wave, then it should continue its decline breaking the 161.8% Fib level as well as the 1st trend line into the demand zone with a possible rebound on the 2nd trend line. A close below the 50 MA will be a very good reassurance of a confirmed 5th wave downtrend.