The price is in correction and could decline.

On the daily chart, the ascending third wave of the higher level (3) has completed, and a downwards correction as the fourth wave (4) and the third wave C of (4) are forming. At present, the fifth wave of the lower level v of C is forming, within which the third wave (iii) of v has completed, and the correction as the fourth wave (iv) of v is developing. If the assumption is correct, after it, the XAG/USD pair will decline towards 45.00–40.00. The critical stop loss level for this scenario is 58.67.

Since the beginning of the year, the XAG/USD pair has been trading within a downward trend, forming a corresponding channel. In late August, the price tested the 68.75 level (Murrey [6/8]) and resumed the decline.