On the daily chart, the third wave of the higher level (3) forms, within which the wave 3 of (3) develops. Now, the entry first wave of the lower level i of 3 has formed, and a local correction is developing as the second wave ii of 3. If the assumption is correct, after the correction the XAG/USD pair will grow to the area of 31.65–35.50. In this scenario, critical stop loss level is 25.00.
Main scenario
Long positions will become relevant above the level of 25.00 with the targets at 31.65–35.50. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 25.00 will let the asset go down to the area of 23.90–22.03.