Hello Traders,
sometimes Markets move clear, sometimes they do not!
In overnight Trading on July, 10 th a Sell off in Silver occurs, which brought Price to the Level of $ 15.145! This Levels marks the End of a Multiweek decline in the Precious Metal which started at April 17th at $17.74!
The following advance ended may last Night in Overnightsession with another peak, this time to the upside to $16.96! This spike penetrated the rising orange Trendline, connecting the Low of June 22 at $16.225 and the Level at least at $16.96. This happens three times which makes that Trendline important. As a second acpect, it touches also the purpel line of the falling Trendchannel, connecting the High at $18.75 and nearly $17.75 and last night at $16.96! Now we see a cross resistance cluster!
And the advance which started July 10th have retraced a bit more than 71% from $17.74 to $15.14! As a third aspect is the "Bearish Engulfing" yesterday which is an reversal Candle, got normaly eliminated with a higher High (not on a closing basis) this Night; so I think this peak was well calculated and not "Fat finger Trade"!
If this advance was the first leg of a multiweek advance, we`re still in a correrction in a Wave 2 with targets around $16.27 - $15.84. Often Wave 2 move in a pattern of a ZigZag, which is not certain, but it occurs more often than it did not, also it is in line with EW rules or guidelines. For now, it`s to early in time and price to say what will be.
So a second Day with lower levels did not make a bear market (:-)) and we have to wait for the next Days. As long as the High of $16.96 remains in tact a correction is on the move. The pattern in the next Hours will talk to us, and give us an idea of what will be next.
Have great day...
rubennase
sometimes Markets move clear, sometimes they do not!
In overnight Trading on July, 10 th a Sell off in Silver occurs, which brought Price to the Level of $ 15.145! This Levels marks the End of a Multiweek decline in the Precious Metal which started at April 17th at $17.74!
The following advance ended may last Night in Overnightsession with another peak, this time to the upside to $16.96! This spike penetrated the rising orange Trendline, connecting the Low of June 22 at $16.225 and the Level at least at $16.96. This happens three times which makes that Trendline important. As a second acpect, it touches also the purpel line of the falling Trendchannel, connecting the High at $18.75 and nearly $17.75 and last night at $16.96! Now we see a cross resistance cluster!
And the advance which started July 10th have retraced a bit more than 71% from $17.74 to $15.14! As a third aspect is the "Bearish Engulfing" yesterday which is an reversal Candle, got normaly eliminated with a higher High (not on a closing basis) this Night; so I think this peak was well calculated and not "Fat finger Trade"!
If this advance was the first leg of a multiweek advance, we`re still in a correrction in a Wave 2 with targets around $16.27 - $15.84. Often Wave 2 move in a pattern of a ZigZag, which is not certain, but it occurs more often than it did not, also it is in line with EW rules or guidelines. For now, it`s to early in time and price to say what will be.
So a second Day with lower levels did not make a bear market (:-)) and we have to wait for the next Days. As long as the High of $16.96 remains in tact a correction is on the move. The pattern in the next Hours will talk to us, and give us an idea of what will be next.
Have great day...
rubennase