Silver just broke out of a pennant after completing a Wolfe wave on a large time frame and coming back inside its range.
Here is a chart to illustrate my point:
Here is a chart to illustrate my point:
Comment:
There are 2 types of entries here. You can wait for a range to form at the new support to make sure that it doesn't run through like a wolfe wave pattern, or you can wait for new highs to register in at 15.65 and then get in on momentum or after a test. I don't think entering now blindly is a good idea because we need confirmations. If we hold however, I think it will be a multi-week position trade with optimum risk vs reward potential.
Comment:
I made a video explaining the rationale behind this potential trade and my approach to trading patterns and risk management in general.
www.youtube.com/watch?v=_HaTP8un...
www.youtube.com/watch?v=_HaTP8un...