Silver..advancing in Wave i of 3 or an a-b-c correction?
Hello Traders,
my last Analyses on a Daily basis from Aug 06 and Aug 08 on a hourly basis went wrong. The "one lower low" that I expected did not occur!
Silver kicked off to a maybe multiweek lasting advance in a Wave 3 and stopped declining at the zone of the 1.386 FibExt of Wave a (circle)! A common target for a ZigZag Pattern.
At todays high at $17.07 Silver meet the .618 length of wave i and the rising Trendline (colored orange) which connects the low from $16.225 from June 26 and $16.81 and at last $16.87 on July 31! One common target for an advancing Wave 5 of 1 is still the equality of Wave 1 to 5 which is at $17.21! So Silver is still complete or very close to do in a Wave 1 advance or the next Wave is still in progress!
The hourly RSI shows brief oversbought conditions and is still at 82 zone. Because of that and while touching the rising Trendline I think the chance for a setback and a sharp decline is still possible. One targetzone could be the $16.875 area which is sthe Wave 4 of lesser degree. Current there is a little divergence at Silvers structure and the RSI. Price move higher while RSI did not confirmed Silver`s move with a new high.
As you can see at the CoT Report (Weekly Data) you can observe that Large Speculators sold there overloaded Longpositions they bet at Silvers high at $17.985 in April 2017 to a record low which occurs nearly together with Silvers low at $15.145! Now Silver`s Sellers at the High are Silver`s buyers now!
Because of that fact ( and some other`s too) I favor a long lasted advance in that precious Metal!
As long as the structure becomes not quite clear in my view I let the labbels I named "alt:xx" on the Chart! My favor is the advancing, impulsive move! Alternate an a-b-c correction to the upside with the structure of an Expanding flat is also possible I think!
Have a great day...
rubennase
Questions and comments are welcome
at $17.21 there is Wave v (blue not Wave iv)!!!!
my last Analyses on a Daily basis from Aug 06 and Aug 08 on a hourly basis went wrong. The "one lower low" that I expected did not occur!
Silver kicked off to a maybe multiweek lasting advance in a Wave 3 and stopped declining at the zone of the 1.386 FibExt of Wave a (circle)! A common target for a ZigZag Pattern.
At todays high at $17.07 Silver meet the .618 length of wave i and the rising Trendline (colored orange) which connects the low from $16.225 from June 26 and $16.81 and at last $16.87 on July 31! One common target for an advancing Wave 5 of 1 is still the equality of Wave 1 to 5 which is at $17.21! So Silver is still complete or very close to do in a Wave 1 advance or the next Wave is still in progress!
The hourly RSI shows brief oversbought conditions and is still at 82 zone. Because of that and while touching the rising Trendline I think the chance for a setback and a sharp decline is still possible. One targetzone could be the $16.875 area which is sthe Wave 4 of lesser degree. Current there is a little divergence at Silvers structure and the RSI. Price move higher while RSI did not confirmed Silver`s move with a new high.
As you can see at the CoT Report (Weekly Data) you can observe that Large Speculators sold there overloaded Longpositions they bet at Silvers high at $17.985 in April 2017 to a record low which occurs nearly together with Silvers low at $15.145! Now Silver`s Sellers at the High are Silver`s buyers now!
Because of that fact ( and some other`s too) I favor a long lasted advance in that precious Metal!
As long as the structure becomes not quite clear in my view I let the labbels I named "alt:xx" on the Chart! My favor is the advancing, impulsive move! Alternate an a-b-c correction to the upside with the structure of an Expanding flat is also possible I think!
Have a great day...
rubennase
Questions and comments are welcome
at $17.21 there is Wave v (blue not Wave iv)!!!!