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SILVERMIC1! trade ideas

Silver lost 2700 Rupee from top Silver prices corrected after prices rallied on the news that India raised total taxes on silver imports 15% and on silver dore to 14.35%, the government said in a statement on Wednesday, in an effort to align the duty structure of the metal with gold. - The euro dipped against the dollar on Thursday after the European Central Bank (ECB) hiked interest rates by a widely expected 50 basis points and offered no new hawkish surprises, while the Bank of England (BofE) adopted a more dovish tone on inflation.
MCX:SILVER1!Short
by KEDIA_ADVISORY
SILVERMICRO MCX:SILVERMIC1! Time frame : All Levels to be followed on Closing basis only. Intraday Volatility may persist. Chart Pattern Identified : BEARISH WOLFE WAVE In its bearish version , the highs and lows are increasing and herald a downward reversal of an uptrend. 1) A significant maximum is formed, preferably an absolute maximum ( point 1 ) 2) The price falls and forms a minimum ( point 2 ) 3) The price rises and forms a subsequent maximum higher than point 1 ( point 3 ) 4 ) The price falls and forms a subsequent low higher than point 2 ( point 4 ). Trendlines constructed by joining points 1-3 and points 2-4 must converge. 5) Point 5 is the maximum following point 3 and must cross the trendline joining points 1-3. This means that a "false breakout" from the pattern must form. This point determines the completion of the pattern and the OPENING OF A BEAREST POSITION because according to the pattern, a new wave should form from this point and extend beyond the pattern. PRICE and TIME TARGET Following Wolfe's principle, we can set our PRICE TARGET at the point where the trendline extension passing through points 1-4 will intersect the price line . INTERMEDIATE TARGET is also set by placing it at the price level of point 4 , then we can also try to extend the final TARGET. A valuable indication of the Wolfe pattern is tempo. In fact, by extending the trendlines of the figure up to their intersection, a time target is identified, i.e. a hypothesis on the period of time necessary for the prices to meet the trendline that identifies the target price (ETA=Estimated Time Arrival ). If once you get close to the ETA point, the price hasn't reached the target, you should consider exiting the trade. STOP LOSS The stop loss should be positioned above the maximum of point 5, perhaps slightly higher. Disclaimer. I am not sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
MCX:SILVERMIC1!Short
by vkj123
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