SolomonsView

#SILVER # XAGUSD can turn to a new low now

Short
MCX:SILVERM1!   SILVER MINI FUTURES
Silver seems to have completed its "Y" wave with the recent sharp move to the $26 / INR 66000 area. This also hit the top of the corrective channel and seems to have a full wave structure. Silver now seems headed to a new low, stop losses will be recent highs made last week $26. 05 .

Order cancelled: There is a high possibility of a quick spurt to 67500 / $26.3 area before a meaningful down move. Risk should be managed well here. Re-entry for shorts should be at the lows already made for the day
Trade active: The break of the morning lows at INR 65335 ,$25.49 was signalled as a short entry and has now put us into a short trade. This has all the looks of a new downtrend. Sell on rallies if the right strategy now. Should head to new lows as indicated earlier.
A 5 wave downmove is completed, so a bounce should ensue providing a rentry for shorts
Michael @ SolomonsView

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