Hi All..
To trade this safely we really need to know if the next move up is a 3 wave structure or a 5 wave structure.
This prolonged drop seems to indicate that this is a C wave however it could conclude as a 5 wave structure and we can eventually short in at the retrace..
There are concerns now with the bullish counts -
if the current drop is a minor 2 wave it has exceeded the 61.8% mark which indicates this should go lower and remove the bullish count.
The initial rally for silver can also be counted as a big ABC retracement .. so we are a little in the twilight zone at the moment waiting for price to tell us which side to trade.
For the safe trade to occur I think patience is required and just wait and let price tell us what to trade. The next wave is the important factor after price has moved past so many supports.
To trade this safely we really need to know if the next move up is a 3 wave structure or a 5 wave structure.
This prolonged drop seems to indicate that this is a C wave however it could conclude as a 5 wave structure and we can eventually short in at the retrace..
There are concerns now with the bullish counts -
if the current drop is a minor 2 wave it has exceeded the 61.8% mark which indicates this should go lower and remove the bullish count.
The initial rally for silver can also be counted as a big ABC retracement .. so we are a little in the twilight zone at the moment waiting for price to tell us which side to trade.
For the safe trade to occur I think patience is required and just wait and let price tell us what to trade. The next wave is the important factor after price has moved past so many supports.