SILVER (XAGUSD) Update & Top-Down Analysis (trading plan)
If you saw my previous analysis on Silver ,
then you know that we were tracking a bearish breakout of a major rising channel on a daily (the chart on the right).
Retesting the broken trend line , the market started to coil.
On 4H the market started to trade in a local bullish trend forming a classic bearish flag pattern (the chart on the left).
The confirmation that we are looking for to catch a bearish swing is a breakout of a support of a flag.
It will be a strong trigger for the initiation of a new wave.
Initial goal will be 27.06
Remember that the price can be within the flag for a long period of time, so be patient.
In case of a bullish breakout of current daily highs, the setup will be invalid.