Bullish entry from small frame consolidation breakout!
Alright guys, our bearish cycle started from the price level of ~27.94 and ended at the price level of ~17.59. Considering both these extremes we have a very broad range of over 5000+ pips to play in between. We are now having multiple PAs to confirm our bullish continuation, such as:
1- Major Inverted Head & Shoulders pattern with a broken neckline, marking the reversal to expect higher levels.
2- As target zone 1 (First Supply zone, the first small red box 22-22.6) was hit, we claimed the due correction to back to 20.60s range as elaborated in my previous idea about (see related ideas).
3- We are now headed for the target area of ~23.30-23.45 which is near our 0.618 fibo retracement level resistance. From this level, expect some small frame (H4) connection, our next long entry will be from this consolidation breakout exit if it appears. Therefore, have patience and wait for the sharpest entry.
Major Target zone in the big red box is where we probably heading as we break through the Golden resistance at 0.618 Fibo retracement as mentioned in the chart.
Best of Luck and Happy Trading :-)
The major reversal trend driver is the announcement of the federal reserve over easing out on aggressive monetary policies!
1- Major Inverted Head & Shoulders pattern with a broken neckline, marking the reversal to expect higher levels.
2- As target zone 1 (First Supply zone, the first small red box 22-22.6) was hit, we claimed the due correction to back to 20.60s range as elaborated in my previous idea about (see related ideas).
3- We are now headed for the target area of ~23.30-23.45 which is near our 0.618 fibo retracement level resistance. From this level, expect some small frame (H4) connection, our next long entry will be from this consolidation breakout exit if it appears. Therefore, have patience and wait for the sharpest entry.
Major Target zone in the big red box is where we probably heading as we break through the Golden resistance at 0.618 Fibo retracement as mentioned in the chart.
Best of Luck and Happy Trading :-)
The major reversal trend driver is the announcement of the federal reserve over easing out on aggressive monetary policies!
Comment:
H4 Correction is underway and Silver has tested the broken supply zone 22-22.6 once again. Like I said in my idea, a strong bullish H4 breakout candle is our way in. Best of luck and Happy trading :-) P.s. 22 must hold if we are to expect higher!
Trade closed: target reached
