Despite the steady decline in price, the XAGUSD chart is giving signals about a possible completion of the current bearish momentum.
A wave structure of a higher-degree indicates the formation of an upward impulse. Now a correctional wave [iv] has been formed within this structure. After its completion, the development of the ascending wave [v] with the update of the previous maximum can be seen.
Waves of a lower time-frame form a triple three. The price is currently in the wave (z). When this wave is completed, a more directional price movement is expected.
To summarize, it is worth noting that the upward movement continues to develop on the chart on a higher time-frame. However, the wave analysis indicates the final stage of formation of this impulse.
In this situation, long positions are prioritized.
Alternative scenario
Short positions will be relevant after the breakout of the current wave start level