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fximperija
Jun 22, 2014 12:45 PM

#SIlver, #XAGUSD, short Short

Silver/U.S. DollarFXCM

Description

After this insane rally on Inflation fear, Silver completed this bearish butterfly with RSI well overbought. The PA came close to 21 but retreated which could be a sign of a short opportunity at least to 20.37s heavy structure support. Alternatively, PA might continue up where another shorting opportunity awaits @ 21.75 on a bearish bat and previous structure highs resistance.
Note the RSI divergence between last high and current PA.
Comments
fximperija
Update: Bearish butterfly invalidated, PA stopped on heavy structure res. and 141.4 fib. ext.
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