Growth is possible.

On the daily chart, the third wave of the higher level (3) develops, within which the first wave 1 of (3) formed, a correction ended as the second wave 2 of (3), and the wave 3 of (3) started. Now, the entry first wave of the lower level i of 3 has formed, within which the wave (iii) of i has ended, and a local correction is developing as the wave (iv) of i. If the assumption is correct, the XAG/USD pair will grow to the area of 27.00–28.50. In this scenario, critical stop loss level is 23.92.

Main scenario

Long positions will become relevant above the level of 23.92 with the targets at 27.00–28.50. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 23.92 will let the asset go down to the area of 22.22–21.50.