Description
⋅ On the 15-minute chart spot silver in the past few days dropped from a triple top and then reversed
in a Fib retracement. Since the price is now at the Fib 0.5 level and a MACD crossover above its histogram,
the time is ripe for an end of the reversal and a new reversal to ensue with the stop loss above the
Fib 0.5 level, the short trade entry is when the price drops below the POC of the volume profile of the
past week ( horizontal black line) with a target at the pivot low of the previous downtrend.
At the target price would either reverse again or break through the support and continue the
downtrend. Overall, this is a projected 2.5 % over a couple of days.
Overall, my trade idea is that spot silver will now drop to the bottom of the recent downtrend
and then reverse forming a double bottom and strong support for an uptrend to exploit for
another profitable trade.