FX:XAGUSD   Silver / U.S. Dollar
142 3 9
Last buy in silver             didn't work out. Here's my working thesis assuming we get a corrective bounce soon. I had thought this could be a 4th wave off of the early June low, but too deep now. Going with a truncated wave 1 of (3) until proven otherwise. Not catching the knife here, just looking for a possible set-up to trade long again.
Since I don't see anything impulsive looking initiating the move down off the summer's highs I'm giving bulls benefit of the doubt.
Tough to predict the exact timing, but here's where we are this morning...
nick.holland78 PRO nick.holland78
Fell out of my channel. Was just a notional path anyway. Seems wave (iii) needed another little iv-v to complete. I'm still expecting a corrective bounce in wave (iv) soon. Yesterday's bounce seems too shallow to be all of (iv).
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