SILVER -pt. 4 - Ranging finished, big move triggered?
Hello traders!
In the previous posts, linked below, we outlighted two alternative scenearios for silver: either a cycle corrective move still to complete at 16 either a wave 1 in long term uptrend reusumption.
Silver was ranging near the main trendline of this last cycle correction, and has been rejected for the third time in the 24.6 big volume area (see chart).
After this last rejection, price broke the range to the downside suggesting the bearish scenario.
NO FOMO here! We will wait for retest and confirmation to evaluate a short entry.
In the previous posts, linked below, we outlighted two alternative scenearios for silver: either a cycle corrective move still to complete at 16 either a wave 1 in long term uptrend reusumption.
Silver was ranging near the main trendline of this last cycle correction, and has been rejected for the third time in the 24.6 big volume area (see chart).
After this last rejection, price broke the range to the downside suggesting the bearish scenario.
NO FOMO here! We will wait for retest and confirmation to evaluate a short entry.
Comment:
bearish scenario from previous post
