Welcome to this analysis where we are looking at SILVER 1-hour timeframe perspective, where I detected some worthwhile signs recently important for the confirmation and next steps in the structure to be expected. As mentioned already SILVER will increase bearishness as it established sudden breakdowns where usually more downside follows up within this case I found the important levels and scenario we should consider now.
Looking at my chart you can watch there that SILVER just broke below the neckline of its huge head and shoulder top formation and pulled back to move on with bearishness, this is just a really good confirmational setup with a very high possibility to continue. Furthermore, you can see that SILVER has the 100-EMA as resistance above and it shows up like SILVER is building a smaller head and shoulder formation here again where the neckline is marked in grey, these factors adding to the bearish environment which will continue further after a bounce of the 100-EMA and pull-back below the neckline of the smaller head and shoulder formation. This head and shoulder confirmation just activated the downside targets SILVER will now reach, these are marked in my chart at the 24.7 level in black where also the 800-EMA in red lies, when SILVER has reached these downside targets it has to be elevated if more downside is ahead or stabilization in this level can occur.
This setup is actually confirming the established bearishness SILVER has also on the higher timeframe perspectives where bigger pull-back scenarios aren't fully out of sight now, these factors making a bearish continuation overall more possible and new highs aren't highly possible to be reached within the smaller to middle timeframe schedules.
In this manner, thank you for watching, support for more market insight, all the best! "If you have the conditions, you get the results."
Information provided is only educational and should not be used to take action in the markets.
Comment
⋅
ANALYSIS UPDATE: SILVER moved into the main 100-EMA resistance from where the massive bearish pullback acceleration emerged.
SILVER since pulling back off the 100-EMA increased with the bearish momentum to reach the bearish short-side target zones within the schedule.
@TreyStar, It finally found its way into the proper direction, you are welcome. Greetings.
egillis214
⋅
Nice analysis!
Check same on my Renko trends. Watching price and not time we can spot trends outside of candles.
Silver has had a regular run at new highs. The market buyers patterns are strong.
Banks and Hedges are buying up physical silver. Long positions are growing.
I added to all my positions.
We'll see 27.50 soon then no stop till $30-50
VincePrince
⋅
@egillis214, Thank you very much! Great approach to the market, all the best my friend.
Defender90
⋅
Rot Roh Raggie...It is going up!!!
VincePrince
⋅
@Defender90, It bounced from the neckline several times before moving into the direction.
Me_in_hurry
⋅
Coool!
Sitting in short since 26,7
VincePrince
⋅
Post your comments, questions, and ideas about SILVER here.
lavventura
⋅
@VincePrince, if it can hold on at the red circle you drew, could it rise back?