In a previous post (read here), we commented about the possibility of a pending upside from Silver (XAGUSD). The decline observed on Tuesday 13 when it fell below the August 12 low (16.79), makes us suspect that it could be starting a corrective move.
The potential next move
The intraday advance seen on the XAGUSD could be a wave b of minute degree if the price closes below the previous swing (17.252). If this scenario occurs, we expect a new decline to the area between 16.176 and $15.904. The invalidation of the bearish scenario will happen if Silver closes above 17.526. Finally, if XAGUSD closes below 15.540, we could be in the presence of a new bearish cycle, and the target could be on the July’s lows.
In the case of bullish continuation, the corrective scenario is invalid, and the next bullish target is located at 18.042 $/oz.