Tradeplicity
Long

Waiting For Entry in SILVER

FX_IDC:XAGUSD   SILVER / US DOLLAR
64 0 1
The corrective wave is in effect right now in silver             and gold             . What looks to be forming is also a Cup and Handle Formation with the handle being the corrective wave. We are looking for entry at the 0.5% and 0.618% Fibo levels which is also where a short term trend line sits.

In a cup and handle formation, if the price breaks top of the Cup, then the target is equivalent to the depth of the Cup itself (cream square             ) which in this case matches with a long term support and resistance level at the $18-$18.5 Level

Good Luck
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