My expectation from my former analysis did not occur - but my exspectation of my analysis "On its way down " is right again. The shortterm downtrend broke and silver jumped to it s breakout Level @ 15.40$ again. This Niveau is corresponding to the Minimum correction fibo 38,2 Level . This is the MoB or the Level to watch!!! Bullish view: Should silver enter the old trading box between 15,4- 17,4, the swing target should be the upper edge of the box @ 17,4$. This target is only active if silver can trade above the moving averages (yellow oval) On this way up, several resists appear. Here are based the sma&ema 200, paired with the Maximum correction fibo Level 61,8 @ 16.3$. These Levels are possible Turnaround or Pivot Levels. (Grey arrows)
bearish view: The main trend wins the fight, so the resist @ 15.4 can not be taken out of the market. A dip to the former low @ 14,3 should be exspected. Trading under that low will initiate a selloff with target 12,5
former analysis`: Next Down-Wave?
On its way down
The strong support @ 15,35-15,5 did not hold - the sellout began. The exspected rebound to the breakoutlevel @ 15,5 also appeared (have a look @ my former analyis comments). At the moment the ultrashortterm downchanel is still present and dominant. the longtermtarget @ 12,5 is still active. Prices above 15,5 make the chart bullish again
Will the support hold or will we see a sellout? Will the support hold and the bullish wedge be triggered and bought? If yes, then the shortterm target @ the upper side will be @ EMA200 @ 16,8$. If the strong support @ 15,35-15,50 does not hold, a fast sellout with worst case target @ 12$ could appear. But at the Moment the CRV for Longs is phantastic. i drawed a possible Long Position into the Chart..i don`t trade it! If you like my analysis and find it useful, please take a second and hit the LIKE button and follow me. It takes some time to create these posts and your LIKES let me know it is helpful to you. As always, any comments are welcome. Agree or disagree.
Comments
Eldron
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Can't find a 'like button' so instead......Many thanks