This is looks like it is about to put in a nice short - possible C wave which could break the bottom before coming back up. If we get a break of the current diagonal I'll be looking for an opportunity to get into a sell trade.
You can see my previous Silver forecast linked below
Forecasts will be updated as they develop so remember to follow to receive them. You can also receive notification of updates via twitter
Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes. Your Ideas, comments and questions welcome
Good luck Steve
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Please ignore the MACD indicator in the chart as it was not supposed to be shown since the lines were from an earlier chart
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Here we have a nice opportunity to explain my attitude toward news events. I posted my forecast yesterday expecting silver go short over the next few weeks before continuing its path upward. Over night we've had the news from Syria and silver has moved up - but stayed within the ending diagonal. Since I'm looking for a break out short this has not effected my trading since I wasn't in the trade. So what next? Well if the Syrian situation escalates silver may continue up and break out of the channel but if the situation does not escalate price may go in the direction I forecast. The point I'm making is that we only take trade we expect - we wait, we watch and we only take a trade when our forecast is correct and we see a trade entry set up. Otherwise we stay out and if price does not follow our prediction we watch developments and make a new prediction. At the moment nothing has changed I am still looking for a short set up. What happens if price breaks upward? Then we look for a long entry and trade long. Hope this helps
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If the breakout holds - then look for a short entry
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A beautiful flag
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That was unfortunate. We had a nice push down from the flag then price reversed to take out stops just above the flag. At the moment it's hard to tell where it's going next but my bias is still short - No entry set up either way yet
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Looking short again
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Not exactly as predicted in the initial chart but the C wave is in progress. Let's see how deep it goes before going long again. I now waiting for the long trade. It could have some more movement down before we get a long set up.
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piptamil
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Thank you for your Analysis...
danrindia
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@SteveNixon Hi steve thanks for sharing your idea. Do you still feel this is the flag or it changed the direction from short to long ? Could you please share your view.
SteveNixon
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@danrindia, It was a flag and we got a push lower but price turned back toward the structure top. It's to early to tell where it's going next. As soon as I have an idea I'll post an update. My gut feel is that price will come back down but I don't see an entry set up yet, Hope this helps