Silver - Short term I remain bearish.
Updated
Dear traders,
A quick update on my view for silver. The previous chart updates I showed you that there was a lot of downside potential and although it took quite a long time, that 21 dollar price finally came in range. After that I expected price to bounce back towards 24 dollar and then continue it's decline but now it seems that I was wrong there. Silver went higher on Friday and the 26 dollar range seems the next big target. It's a tricky time to trade (not only commodities) so for now I rather stay neutral.
My long term view for silver remains positive with prices going towards the 2011 bull run and perhaps even higher.
Best regards from The Netherlands and never forget to use stops!
Daniel.
A quick update on my view for silver. The previous chart updates I showed you that there was a lot of downside potential and although it took quite a long time, that 21 dollar price finally came in range. After that I expected price to bounce back towards 24 dollar and then continue it's decline but now it seems that I was wrong there. Silver went higher on Friday and the 26 dollar range seems the next big target. It's a tricky time to trade (not only commodities) so for now I rather stay neutral.
My long term view for silver remains positive with prices going towards the 2011 bull run and perhaps even higher.
Best regards from The Netherlands and never forget to use stops!
Daniel.
Note
Seems my last tiny 5 wave count was wrong. Wave 1 and 3 topped much lower than expected. Large count is still legit and every rally towards a resistance area may be shorted afterwards
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