Silver is now ready to dip down and to unfold wave 5 of (C)
and as per equality, Target of (C) equal to (A) is pegged at 19.963 and 1.618 is pegged at $ 18.350,
which can be stop loss for fresh long positions to be made below $ 20.
Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor...
Silver (XAGUSD) has formed a head and shoulders type rounding top on the 4h time frame. The price is still at the supply line. A breakdown below this line would be bearish for the commodity with measured move target of 21.75.
Price action at 23.15 to 23.50 zone is critical and would decide the next course of action.
Analysing the H1 time frame i spotted the raising trend channel where i expect the breakout of the channel below the boundary, but till then the channel is active, you should wait for the breakout then sell at retest area, if you are willing to buy, you can look for confirmation using 5M, 15M TM for trading pull back.
Analysing Daily timeframe, i spotted that the silver traded within the raising trend channel and have reached its resistance, soon the price will reverse to the downside, you can use the FIB numbers to identify next supports as i consider the horizontal key support with rectangle drawing.
Note:
All ideas forecasts are my personal views on the market, I share...
On Weekly Basis:
Silver completed its 50% correction from USD 26 to 18. There are several resistance pivots at 22.15 on weekly charts. Wave A, B, C and D is over in Silver and Wave E should resume anytime now. Short sell is a good choice at 22 level with a target of 14 which becomes a strong buy from long term point of view. 200 DMA is also at 21.45 where price...
bearish outlook
hourly- strong sell (target- 56730/56045/55675)
daily/weekly- sell(swing short)
bullish outlook
immediate resistance/targets -58650/59550/60880
as per current market trend prices should test the lows
As updated in the charts we still expect a little upside movement in silver for completing its 4th leg before moving towards its final showdown or the last leg (wave 5).
It’s not the right time to trade anyways in silver . We still wait for a perfect entry .
Thank you so much .
Silver had broken support trendline and closed yesterday below 20 day moving average, which is clear sign of bearishness ahead. After bounce from lower end of falling channel it got rejection at upper end of falling channel, also RK's Momentum turned in sell mode, all other trend indicators like macd, rsi etc. are also suggesting same bias, According to wave...
Silver is still in triangular correction on weekly time frame and now it has weekly closed below RK's stop loss line which is a sign for weak sentiments again also weekly macd is about to turn bearish again so we can assume that after completing wave a-b-c-d- now we are unfolding wave e in triangle pattern, which can be last decline before breakout towards north...
We have seen the downtrend in silver form June to September .
In the month of October we saw a clear break out from the downward sloping trendline (T).
Now ,the price may again come for the retest.
So We have short entry for now in silver mini till point "D" (WHICH IS ALSO A 400 D EMA LINE RED)
We can aim from POINT "A" TO "B" FIRST and then POINT "C" TO "D" ...
