Growth is possible.

On the daily chart, the third wave of the higher level (3) develops, within which the first wave 1 of (3) formed, a correction ended as the second wave 2 of (3), and the wave 3 of (3) develops. Now, the entry first wave of the lower level i of 3 is forming, within which the wave (iii) of i is developing. If the assumption is correct, the XAG/USD pair will grow to the area of 31.65–35.50. In this scenario, critical stop loss level is 26.81.

Main scenario

Long positions will become relevant above the level of 26.81 with the targets at 31.65–35.50. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 26.81 will let the asset go down to the area of 25.00–23.90.