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 CMP 20$
This is a weekly chart of silver...
Looking at the chart,
we can see that Silver have completed its one wave cycle at 18.15$
and possible WAVE 3 started ....
as long as 18.15$ holds,
Silver would be buy on dips from here for where I would be looking for 30$ as my 1st tgts
Just a View!!
1) Strong demand from industrial use of electrification of economies.
2) Funds being diverted from stocks to Gold/Silver
3) gold/ Silver ratio near a peak.
4) 40% down from highs and at support of 12 years of consolidation.
Since posted Silver is down from 20 to 18.24. First target of 18.44 is achieved. Still there is enough room for down move. Nothing to be hurry to buy or accumulate the ETF's. Better one can wait with patience.
14-15 could be an ideal level to start accumulation on the correction. Otherwise I will like to wait for a VSA-SAR buy signal on a daily/2D TF before...
23 LevelS Looks Like SILVER has Made BOTTOM FOR NOW...
Also it is falling in RISING CHANNEL pattern. BREAKING this will give a trend reversal.
THERE IS DIVERGENCE IN RSI, WHICH WILL GIVE SUPPORT AT LOWER LEVELS.
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...