Growth is possible.

On the daily chart, a downward correction of the higher level ended as the second wave (2), and the formation of the third wave (3) started, within which the entry first wave of the lower level 1 of (3) ended. Now, a local correction has formed as the second wave 2 of (3), and the development of the third wave 3 of (3) has started. If the assumption is correct, the XAG/USD pair will grow to the area of 26.90–28.80. In this scenario, critical stop loss level is 22.97.

Main scenario

Long positions will become relevant above the level of 22.97 with the targets at 26.90–28.80. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 22.97 will let the asset go down to the area of 21.76–20.80.