Is the Silver correction finally setting up a long entry?

[Marcus Vance 97]

Been tracking XAGUSD lately and the price action has been looking pretty heavy since that August peak near 71.20. I’ve been eyeing the current move lower and it’s starting to look like a textbook Zig Zag corrective pattern on the charts. It’s always a bit of a headache trying to time these Elliott Wave counts because one bad impulsive leg can invalidate the whole thesis, but the structure is getting hard to ignore at these levels.

I’m curious how everyone else is looking at this liquidity pocket. If we hold current support, do you think we have enough momentum to break the bearish structure, or are we just setting up for another leg down to trap the longs? I’m worried about order flow drying up if we don’t bounce here soon, as the bears seem to be in full control of the short-term trend. Ngl, I'm tempted to scalp a long if we get a bullish engulfing on the daily, but the macro overhead is still weighing on me. Anyone else seeing a potential bottom here, or are you waiting for more confirmation before jumping in?

 

[Noah Vance BR]

Yeah I'm watching this drop closely too, but honestly I'm waiting for a sweep of that liquidity underneath before putting on any risk. R:R looks decent on paper once it hits support, but silver loves to fake out the breakout traders before actually moving. Let's see if buyers actually step in or if this thing just keeps bleeding.