Silver rallied up in three waves - and has now completed and a-b-c structure. The fall in the last 30 mins could accelerate and take the issue to new lows. Watch the indicated risk level for exits if caught on the wrong side.
The first downmove that we see has clearly traced a 5 wave sequence and a 3 wave correction. this means we are headed down. Looks for new lows with 25.57 as the risk stop
Silver headed higher this morning into the indicated resistance at 25.57 and reversed right there , the down move has all the indications of a 5 wave structure and so may turnout to be a trend reversal. Updated charts will be posted soon. Direction seems to be down to new lows if 25.57 remains intact
Silver progressed very well as expected in Wave c of Wave Y. It should face resistance at around 25.57 where Wave Y = Wave W. This is also where the parallel trend channel tops. We should watch price reaction at this area to understand if the trend will change downward ( most likely will, but lets listen to the price) . 25.57 is a good area for the W-X-Y...
Midterm forecast: While the price is above the support 19.65, resumption of uptrend is expected. We make sure when the resistance at 26.20 breaks. If the support at 19.65 is broken, the short-term forecast -resumption of uptrend- will be invalid. Technical analysis: The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased. While...
Silver could be ready to breakout on the upside from the sideways consolidation, this is the most likely scenario as it has taken a sideways triangle over the last few days. Looking for Wave C up now if the key support holds
Silver has moved up as suggested in the earlier post. However the 2nd upward swing from the low seems more like a C wave of a ZigZag than a 3rd wave. Unless there is immediate move above the channel line we are headed lower in the near future.
Midterm forecast: While the price is below the resistance 25.65, continuation of downtrend is expected. We make sure when the support at 19.65 breaks. If the resistance at 25.65 is broken, the short-term forecast -continuation of downtrend- will be invalid. Technical analysis: The RSI support #1 at 52 is broken, so the probability of continuation of downtrend...
Silver seems to be completed wave B of the correction and sported wave 1 of C. Silver should accelerate to 23 soon
Silver seems to have completed its wave 4 correction, Wave C (circle) being slightly greater than Wave A (circle). This means Silver should rally to new highs in the near future.
Silver seems to have completed its 5 wave fall and should settle at this level or slightly lower before it moves up from the current levels. We are near the end of wave 4 at a primary degree and should move to new highs if it gets support at these levels
Currently it is incomplete converging triangle (abcde) and completed combined (wxy) correction. . .
Midterm forecast: While the price is above the support 25.65, resumption of uptrend is expected. We make sure when the resistance at 29.85 breaks. If the support at 25.65 is broken, the short-term forecast -resumption of uptrend- will be invalid. Technical analysis: The RSI uptrend #1 is broken, so the probability of resumption of uptrend is decreased. While...
Let the price come out of flag pattern for breakout. 238% levels in fibonacci are not available on Tradingview but silver is taking support from that level 25.6 USD. SL should be kept at 25.6 USD. Views are for educational purpose only
Price retesting the previous resistance levels, if closes above the immediate high then it will definitely reaches the next resistance level 35.
Too many posts tracking the triangle breakout - This shows there is only a onesided view, the alternate path Silver can take is given in the red labeling - this could turn out as a A_B_C zigzag before it moves up catching the triangle watchers unaware. Be on the watchout for the alternate path for Silver. At this point traingle is under threat unless it moves up...
Look to get in on the dip in C wave in the next couple of hours before the upward resolution out of the triangle resumes to the upside look for the long term view in the previous tweet
Silver #XAGUSD should break out of the triangle to the upside in the next day or two. Risk level will be 26.82 A separate short term view will be published following this - watch out for it.