SILVER Look Ahead for week starting 11/24/19

TVC:SILVER   CFDs on Silver (US$ / OZ)
Silver has been in a deep correction of a Bull Market since July of 2013, with price trading above the 50 week ema , which is below the 200 ema , and both still above the 800 week ema . The 50 week ema is currently trending up, though price has traded down to test the 30 ema and 200 ema around 16.7. A bounce off of those emas is in progress.

The Commodity is in a correction of a Bull Market with price trading below the 50 day ema , though the 50 is above the 200 and 800 day emas. The 50 day ema is currently down trending, though price is still channeling between down trend lines . Looks like a measured move is setting up for price to trade down to a consolidation equilibrium point down in the low 15’s over the next month. This would finish out a poly-wave of two simple flats connected with an x-wave .

The Commodity is in a Deep Correction of a Bull Market on the 4 hour, with the 50 ema below the 200 ema , yet both are still above the 800 ema . Price is in a consolidation/corrective pattern, and should trade between the 200 and 800 emas. Looking at the trading picture, I would look for price to open lower into next week, put in a consolidation pattern, before pushing lower to the 800 ema on the 4 hour, around 16.8.

This is my SILVER look ahead for my own trading purposes. COMMODITIES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
Dec 01
Trade active: Reviewing the price action from last week, SILVER traded down to 16.8 from the top of the c-wave on the 4 hour, then put in a d-wave bottom. Currently prices are rally up into the a-b-c top of an e-wave of a triangle, which traditional TA's would call a flag. This is a continuation pattern that should resolve with five more waves down equal in size to the wave down before the triangle. Likely target would be the lower down-trend line. It's also interesting to note how tightly price hugged the top down-trend line before exploding upwards in this c wave of the e wave.
Cool idea. I’m not quite as bearish though I certainly welcome lower prices so I can buy more!
Cincinnatuus Ludwig_Von_Mises
@Ludwig_Von_Mises, That rising support line in your reply would be a good place to look for a Bottom Formation for the next rally. I think I'll go back and add it into my overall analysis. Thanks, and Good Trading!
+1 Reply
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