what else is the reason for the ABCDE Triangle not working? also what was the wave diagram now that we know the results...
Quasim
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@sethu007007007, wave C low was broken which shouldn't happen as E can't go below C in regular triangles. We know in hindsight now that It was a complex correction all along, tapering talks etc put further pressure on precious metals.. (W)(X)(Y) is done hence a possible mid-term bottom, now looking only at the price action on silver we are either forming another (X) or starting a new impulse (1), i think (1) it is.
tksthathachari
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Good analysis. I generally trade in equity. Took my first trade in silvermic seeing triangle and also multiyear support at around 67000 levels. I have taken delivery of August month futures. Let's see what happens. My analysis coincide with you. There is a bullish RSI divergence in the August futures chart at the end of E wave.
Quasim
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@tksthathachari, thanks. bullish divergences are pretty common in 5th, C and E waves.