XAGUSD, more downside is coming.Â
XAGUSD is breaking below the 21.60 consolidation resistance. This breakout lower is significant as it marks a bull trap after hitting 29. We could see an extension downside in the newly formed Pitchfork channel to 16.
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The weekly chart shows an extension below 21.60 without visible resistance or rejection. This indicates that the downside reversal is strong and will gain more traction on a break below 20 with no visible opposition.
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On a daily chart, we can see a good RR trade opportunity Already a member? This article is so good, it’s for premium members only.
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We have used the combination of the top-down trading analysis to get these critical levels explained in the charts. Also, you can see Elliott Wave and price action analysis together in action along with the Andrews Pitchfork channel tool. If you want to learn the trading strategy that will give you immediate results in your trading register for Trader’s classroom.
