Dear traders,
I remain bearish for the moment for silver thanks to the poor effort the bulls have made.
In addition I have changed the ABC correction to a 5 wave correction. One I was starting to lose hope in earlier this month.
So far the bears remain in control and might give room up to around 24,50 dollar per ounce.
Passing the bottom of wave 1 means the bulls have a big chance of coming back into the game.
Once again I keep my eye at a longterm bottom of around 19 dollars.
Best regards from the Netherlands and don't forget to use stops to avoid big loses!
I remain bearish for the moment for silver thanks to the poor effort the bulls have made.
In addition I have changed the ABC correction to a 5 wave correction. One I was starting to lose hope in earlier this month.
So far the bears remain in control and might give room up to around 24,50 dollar per ounce.
Passing the bottom of wave 1 means the bulls have a big chance of coming back into the game.
Once again I keep my eye at a longterm bottom of around 19 dollars.
Best regards from the Netherlands and don't forget to use stops to avoid big loses!
Comment:
C wave target hit. Now the bears need to beat the A wave top or the bulls will eventually win. If that's the case we can switch back and look for higher highs.
Comment:
Wednesday's trading stopped at the wave A top. Seems tomorrow will be judgment day. Bounce from here means back towards the red resistance line and a 5 wave instead of abc.
Comment:
Its looking more and more like the 5th leg down is not going to happen. Seems the correction is staying in an ABC wave meaning it's very likely the bulls will win this match.