XAGUSD – Breaks the flag formation to the downside
![](https://www.orbex.com/blog/wp-content/uploads/2019/03/Silver-750x430.jpg)
Monthly: With the formation of an Ending wedge pattern, the long-term focus remains to the upside. A break of 16.06 and the measured move target is 21.13
Daily: A five wave pattern was completed at 16.21. This would suggest that the whole move lower from the 20th February is corrective. We are assessed as being in the AB=CD pattern lower. Fibonacci support levels are seen at 14.78 (61.8%) and 14.39 (78.6%) from the 13.90 – 16.21 move
Intraday (8-hours): Broken the flag formation to the downside. Reverse trend line resistance is located at 15.22. Bespoke resistance is seen at 15.16. This formation has a measured move target of 14.41, close to the 78.6% Fibonacci level. Selling into mild rallies offers ample risk/reward