Hello Traders,
Silver priced lower in Monday morning Trading and made a lower low at $16.095 as I had favor because of the bearish Engulfing which occurs on the daily chart last week. This level was just tics below the 1.38 FibExtension of the length ot Wave a! From there Silver reversaled strong and create a Candle which looked like a Hammer! Since hours silver is moving sideways but I think and expect one more lower low to also create a divergence with the RSI (14). Also there is a Fibocluster between $16.215 and $16.01 and I favor this zone as a reversal zone. At $15.85 price would met the .618 Rt of the complete advance from $15.145 to $16.87!
While Silver failt to made a new Intraday high today Gold did and so there is a divergence between both precious Metals which keeps my bullish outlook.
A target for one lower low for Silver is around the $16.- Zone, which represent the 1.618 Extension of Wave a and complete a Wave c of a ZigZag. From here a start to Wave (III) is possible.
But more important is that the low at $15.145 has to be intact for the bullish case.
As befor a low below $15.145 will keeps me neutral.
Have a great day...
rübennase
Question and comments are welcome..
Silver priced lower in Monday morning Trading and made a lower low at $16.095 as I had favor because of the bearish Engulfing which occurs on the daily chart last week. This level was just tics below the 1.38 FibExtension of the length ot Wave a! From there Silver reversaled strong and create a Candle which looked like a Hammer! Since hours silver is moving sideways but I think and expect one more lower low to also create a divergence with the RSI (14). Also there is a Fibocluster between $16.215 and $16.01 and I favor this zone as a reversal zone. At $15.85 price would met the .618 Rt of the complete advance from $15.145 to $16.87!
While Silver failt to made a new Intraday high today Gold did and so there is a divergence between both precious Metals which keeps my bullish outlook.
A target for one lower low for Silver is around the $16.- Zone, which represent the 1.618 Extension of Wave a and complete a Wave c of a ZigZag. From here a start to Wave (III) is possible.
But more important is that the low at $15.145 has to be intact for the bullish case.
As befor a low below $15.145 will keeps me neutral.
Have a great day...
rübennase
Question and comments are welcome..