Silver decreased as expected

TVC:SILVER   CFDs on Silver (US$ / OZ)
Last Friday I pointed out that there is high probability of decrease of silver price to 17. 40 . I showed ABCD pattern before it was even tested: “D point which should cause rebound is located at 17. 40 . The price was very close to that level today but silver didn’t test it yet”.

Decrease inside ABCD is happening

ABCD pattern on 17. 40 made AB=CD and in D point there is also I resistance, which supports bears. This pattern is opposite to previous bearish trend and has a form of lear BC line. For 3 days (From Monday to Wednesday) bulls tried to break 17. 40 . It did not happen and as a result on Thursday price took control. There was dynamic bearish movement and now price is at 7 days low.

In short term we should expect dynamic moves which shows up after moving down to BC range. Depending on strength of bears price should stop in 17.00-16.500 area. There should be bullish correction.

In middle term decreases can be continued with testing of May’s lows. This would happen according to our bearish scenario from April 17th – May 9th.

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