Growth is possible.

On the daily chart, the upward third wave of the higher level (3) forms, within which the wave 3 of (3) develops. Now, the fifth wave of the lower level v of 3 is forming, within which the wave (iii) of v is developing. If the assumption is correct, the XAG/USD pair will grow to the area of 35.50–38.70. In this scenario, critical stop loss level is 27.65.

Main scenario

Long positions will become relevant above the level of 27.65 with the targets at 35.50–38.70. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 27.65 will let the asset go down to the area of 24.27–21.91.