Rupesh
Short

SILVER UPDATE # 2 ( PART TWO OF BULL TRAP CANDLE)

FX:XAGUSD   Silver/U.S. Dollar
108 1 2
9 months ago
Technical analysis of Silver             for June 17, 2016
Technical outlook and chart setups:
Silver             has finally reversed from $17.75 levels yesterday as we expected. The metal did not exceed its resistance above $18.00 levels and hence looking at the wave counts, there is a high probability for an A-B-C correction. As labelled on the chart here, the metal might have just begun Wave C, which should unfold into 5 sub waves pushing prices lower towards at least $15.00 levels. As an alternate wave count (less probable), the metal could find support around $16.60 levels forming wave 2 of the presumed wave 3 (labelled). In either case, the metal is expected to produce a short-term correction and hence it is recommended to remain short from yesterday, with risk above $18.00 levels. Immediate resistance is at $18.00 levels (interim at $17.75 levels), while support is seen at $17.00 levels respectively. Trading recommendations: Remain short now, stop is above $18.00 levels, and target is at least $16.60. Good luck!

9 months ago
Comment: Technical outlook and chart setups:

Silver is seen to be trading at $17.45 levels at this moment, drifting sideways. The metal should be looking to drop lower and break below $17.10 levels going forward. The wave structure indicates that Silver should be correcting lower in 3 waves towards at least $16.30/50 levels if not lower. Also note that a break below $15.80 levels would confirm that the metal is in for a deeper correction towards $15.00 levels. High probability remains for a bottom formation at $15.00 levels before turning bullish again. It is hence recommended to remain bearish for now, with risk above $18.00 levels. Immediate resistance is seen at $18.00 level, while support is at $17.00 levels respectively. Bears should remain in control till prices stay below $18.00 level.

Trading recommendations: Remain short for now; stop at $18.50, targeting $15.00. Good luck!
9 months ago
Trade active
9 months ago
Comment: Silver Technical Analysis for June 22, 2016.
Technical outlook and chart setups:
Silver is seen to be trading lower at $17.25 levels for now, looking to break below $17.00/10 levels going forward. Please note that the metal has produced a bearish evening star candlestick pattern on the daily chart yesterday, indicating that the next move could be lower from here. The wave structure indicates that Silver might be preparing to complete a 3 wave correction by pushing lower towards $15.00/30 levels from here. Please note that the rally from $13.60 through $18.00 levels unfolded in 5 waves, and hence the most probable move should be a 3 wave corrective drop (a-b-c). The metal could retrace the entire rally and form a base around fibonacci 0.618 levels at $15.30. It is hence recommended to remain short for now, with risk above $18.00 levels. Immediate resistance is seen at $18.00 levels, while support is at $17.00 levels.

Trading recommendations: Remain short for now, stop above $18.00 levels, target is at $15.30. Good luck!
9 months ago
Trade active: HOLD SHORTS WITH STRICT STOP LOSS EOD CLOSE ABOVE 18.00 OZ
DownUnder
8 months ago
update required :)
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