Silver: Wave 3 of 3 after a major swing low

XAGUSD

I spotted the AB=CD correction pattern on the Silver chart and built out this idea around it. I will post some more images in the comments which give more context, but essentially it seems that we are about to being wave 3 of 3 (a powerful impulse wave) in a bullish wave cycle. This wave cycle seems to be moving away from a long-term low, so could end up being the start of a major new trend.

Wave counts are very subjective and often catch you out, but I do really like the AB=CD correction, which you can see here highlighted with the Fib Trend Extension tool.

Commento:

Here you can see the position of the swing low, a potential wave count (this is a very rough idea, I am more confident of the smaller scale wave count that this one) and the area we have analysed above highlighted in green

Commento:

USD caught a big bid today after a positive NFP and I think it may continue to drive a deeper wave 2 correction in XAGUSD. Could be a good opportunity to add a position but not until we can see that USD is out of favour again. Also of interest, stocks are correcting. Interesting to see where the safe haven is found...

Commento:

Wave 2 did indeed drive quite a bit deeper. Looks like weak stocks and dollar could kick in now and I think we have seen the bottom of wave 2. Still long