nickmusey
Short

Potential SHORT for SILVER

FX_IDC:XAGUSD   Silver / U.S. Dollar
XAGUSD             is in a possible 4th wave in an impulse Elliott wave series. This correction has potentially run its course indicated by the high level RSI . I will watch for the correction to either continue to the upside or begin the 5th wave and immediately retrace down to the 1st trend line . If it is indeed in an impulse Elliot wave , then it should continue its decline breaking the 161.8% Fib level as well as the 1st trend line into the demand zone with a possible rebound on the 2nd trend line . A close below the 50 MA will be a very good reassurance of a confirmed 5th wave downtrend.
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