Hello traders!
In previous post we argued how silver was undergoing a corrective cycle wave 2 after 2020's high. This corrective structure ended probably with 17.59 bottom, were silver managed to bounce up in a leading diagonal, retrace with an higher low and then break the blue multiyear corrective trendline activating a bullish descending broadening wedge in the weekly.
We are then looking for a retracement to long wave ii of 3. Order is placed at 23.8, confluence area between first fibo retracement level and the blue trendline. We'll update here.
Bests
GMR
In previous post we argued how silver was undergoing a corrective cycle wave 2 after 2020's high. This corrective structure ended probably with 17.59 bottom, were silver managed to bounce up in a leading diagonal, retrace with an higher low and then break the blue multiyear corrective trendline activating a bullish descending broadening wedge in the weekly.
We are then looking for a retracement to long wave ii of 3. Order is placed at 23.8, confluence area between first fibo retracement level and the blue trendline. We'll update here.
Bests
GMR
Trade active:
order triggered, tracking broadening patterns
Comment:
position closed on entry, now looking at the GZ, confluent with double top pattern completion
Trade active:
yellow box triggered, sl on entry
