The price is in a correction, a fall is possible.

On the daily chart, the upward third wave of the higher level (3) develops, within which the wave 3 of (3) ended, and a correction forms as the fourth wave 4 of (3). Now, the wave a of 4 is developing, within which the wave (iii) of a has formed. If the assumption is correct, the XAG/USD pair will fall to the area of 29.35–27.74. In this scenario, critical stop loss level is 33.06.

Main scenario

Short positions will become relevant below the level of 33.06 with the targets at 29.35–27.74. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 33.06 will let the asset grow to the area of 34.83–37.00.