A fall is possible.

On the daily chart, the third wave of the higher level (3) develops, within which the first wave 1 of (3) ended, and a correction develops as the second wave 2 of (3). Now, the downward wave c of 2 is forming, within which the wave (iii) of c has ended, a local correction has formed as the wave (iv) of c, and the wave (v) of c is developing. If the assumption is correct, the XAG/USD pair will fall to the area of 20.61–19.80. In this scenario, critical stop loss level is 23.55.

Main scenario

Short positions will become relevant below the level of 23.55 with the targets at 20.61–19.80. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 23.55 will let the asset grow to the area of 24.60–26.50.