Hello traders, here we have a bullish shark pattern and bearish 5-0 pattern on the 4h timeframe with XAG/USD.
Price is currently completing the C point of the bearish 5-0 at the minimum 1.618 level which aligns with a valid bullish shark, although it could drop further before making a move towards the PRZ.
The measurements for a valid 5-0 pattern are detailed below. B: 1.13 - 1.618 C: 1.618 - 2.24 D: 0.50
This is an early prediction, I'll be analysing this pair further once it approaches 15.68000.
I hope you all have an amazing weekend when it comes!
Any updated thoughts on this @LewisGlasgow - still think we are travelling to $15.68 mark? Regards.
LewisGlasgow
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@Kahn, yes we experienced a heavy drop throughout April, after the pullback we should see a move to $15.68 :)
JoshFX1
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Looks good Silver should go up at some point. Already started adding small buy positions.
All previous big drops had a wave back up at some point, the current wave down hasn't so far. So I expect a possible move towards 17 first before it might break 16.