Silver flirting with an impulsive leg...
Updated
Here we are tracking the widely mentioned breakout in Silver. As previously covered in the latest idea "Time for Silver to outperform" .. https://www.tradingview.com/chart/XAUXAG/FuWLbu4u-Time-for-Silver-to-outperform/
There is a lot more meat on the bone from a Silver perspective than Gold. This will remain attractive to all betting on the bid as we enter into the ECB/Fed combo tomorrow. It is no surprises we are sitting on key 16.649 resistance. This is the ABC target from the November low and how price develops here will define the nature of the move as to whether it is impulsive or corrective.
We need to be cautious of any signs of a top forming here. If it is corrective then the risk to our thesis will be a massive sell-off from current levels; whilst the other side of the coin is that the rally is impulsive and the next target comes into play at 18.047. This will be the 3rd wave of a 5 wave pattern; meaning there is scope to extend beyond this overtime.
Best of luck all those holding longs from below in our previous ideas. Consider adding bullish exposure if we get the break tomorrow with ECB, targeting no less than 18.047.
There is a lot more meat on the bone from a Silver perspective than Gold. This will remain attractive to all betting on the bid as we enter into the ECB/Fed combo tomorrow. It is no surprises we are sitting on key 16.649 resistance. This is the ABC target from the November low and how price develops here will define the nature of the move as to whether it is impulsive or corrective.
We need to be cautious of any signs of a top forming here. If it is corrective then the risk to our thesis will be a massive sell-off from current levels; whilst the other side of the coin is that the rally is impulsive and the next target comes into play at 18.047. This will be the 3rd wave of a 5 wave pattern; meaning there is scope to extend beyond this overtime.
Best of luck all those holding longs from below in our previous ideas. Consider adding bullish exposure if we get the break tomorrow with ECB, targeting no less than 18.047.
Trade closed: target reached
Well done all those riding this pig!
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