Tradeplicity
Long

Waiting For Entry in SILVER

FX_IDC:XAGUSD   Silver/U.S. 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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