FX.co ★ lstanton | XAG/USD, SILVER

Hello traders! In the commodity market SILVER, on the medium-term timeframe H4, a comprehensive multi-timeframe analysis indicates a probable completion of corrective wave in the form of a "double zigzag". A descending "entry wave" has formed, preceding the impulse of the fifth wave . An alternative scenario suggests the formation of an ascending "initial diagonal triangle" (marked in red), which could serve as an "entry wave" for the continuation of the overall uptrend. The analysis is based on Elliott Wave Theory (EWT), readings of the MACD histogram, the positioning of exponential moving averages (periods 55, 89, 144), as well as the likelihood of technical and wave analysis models being realized.