• Vasily Trader

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.

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