For my long term outlook of the end of last year see link below: I believe we are currently correcting the first impulse of a new bullish cycle. I will therefore be looking to add to my long term long positions. Price is closing in on the '16' area which might trigger the reversal. However it is too soon to tell whether the whole consolidation is already over or whether we only saw the first corrective leg by means of a wave 'A'.
We saw a nice reversal from the projected zone for either wave or a completion of the overall correction. I prefer to see another leg lower. Updates will follow during next weeks trading session but like I said I expect another corrective leg lower before we accelerate higher long term.
Comments
nahidik
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Good idea. I am thinking along the same lines.
TimStuyts
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I personally don't think that Silver is unfolding in an W-X-Y structure since that indicates that the next bullish move will be limited where I expect an impulse on higher time frames towards 30-40-50. The lines in my charts are only an indication. The strongest sign for me is comparable to what I wrote for Gold 9 days ago.
'I like to see a deeper retrace but the impulse higher that will come is what you don't want to miss.
The reason why I like to see a deeper retrace is because as long as we don't do that the next bullish move might just be the final leg of the current structure counted as wave A on daily chart.'
Back to Silver: If we break this structure (take out your stop loss) then we have a strong confirmation that the first leg is over. And a reversal from there will boost the probability that a new impulse is about to start. I would personally not use a pending order with a stop that is not below the low of 13.60, this is also based on the characteristics of Silver.
Good luck with your trade and buying is what we should be focused on medium and longer term. Thanks for sharing!
nahidik
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Good call on gold and we may see something like that play out. Thanks for sharing your thoughts and ideas.
TimStuyts
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You're welcome and let's see whether we can catch the next bullish leg in these commodities as well!