Silver is at support with 9th Aug.
It is also at a 1.272 reversal (Orange).
This is our first chance to go long (1st yellow bubble).
First target will be the breakout lower at 23.360
If the price action remains bearish the next support and next opportunity to go long will be at 22.00 (2nd yellow bubble).
This is a very important support. If it breaks there will be no support until 19.4 - this also happens to be a 1.272 reversal of the last major bullish swing (Pink 1.272) - from 24/09/2020 - 01/02/2021.
We get three shots at this.
Stops will be important as will the price action.
It is also at a 1.272 reversal (Orange).
This is our first chance to go long (1st yellow bubble).
First target will be the breakout lower at 23.360
If the price action remains bearish the next support and next opportunity to go long will be at 22.00 (2nd yellow bubble).
This is a very important support. If it breaks there will be no support until 19.4 - this also happens to be a 1.272 reversal of the last major bullish swing (Pink 1.272) - from 24/09/2020 - 01/02/2021.
We get three shots at this.
Stops will be important as will the price action.
Comment:
Our first attempt was a fail - see 1st yellow bubble at 22.268.
Our 2nd attempt was the winner - entry at 21.494
Market has now created a double top.
We have made a great return.
If you haven't already I would take the money and run....
Our 2nd attempt was the winner - entry at 21.494
Market has now created a double top.
We have made a great return.
If you haven't already I would take the money and run....
It's notable to mention that Silver could not test the 382 from top to bottom - a bearish signal...