We updated our target for the correction in silver. Due to the breach of the $23 area, we have to expect further downward movement. The new target for a turnaround is between $19 and $15.50. A yellow box indicates the zone. This bigger correction leaves us with more potential to the upside after the current correction. We think that we are now ina major wave 2 in blue. This means that after completing the correction, a bull run to prices over $30 could start.
Share your opinion in the comments! Happy Trading!
On the chart you posted on Sept 21 your potential turnaround area was 23.40 to 21.24. Price action reached your 61.80% fib midway into your turn around area and bounced up initiating your 3rd wave (of that chart). While your view 10 days ago seems to be holding up somehow, you come out with a different perspective with new levels and waves count. Which one of the two would you pay more attention to?
All the best
MarketIntel
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@CrytoGio, good question! at the moment this count with a bigger wave 2 as shown above is our primary expectation (65% chance). The chart of the 21st that you mentioned is our alternative (35% chance). If the bulls manage to initiate a clear impusle wave the chances will shift towards the alternative. Happy trading!
Neji1453
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That is not correction, that is reversal. Total bullshit... That's not gonna happen.
MarketIntel
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@Neji1453, thanks for your take. This is the Chart we postet a couple of weeks ago. We expect a short recovery before the downtrend countinues. In the Long run we see prices above $30. Above $29.80 the low is already in and we see the market climbing towards $35. So in both scenarios, at least a corrective bounce from the current target box is to be expected.
Resistance Level (R3): 24.952
Resistance Level (R2): 24.618
Resistance Level (R1): 24.257
Pivot Point: 23.923
Support Level (S1): 23.562
Support Level (S2): 23.228
Support Level (S3): 22.867