Look for a breakout with silver

FX:XAGUSD   Silver / U.S. Dollar
I am looking for a break with a small correction to take a further long position.
We may have finished a 3 wave a-b-c or there may be another leg down for a d-e.
I am leaning towards the d-e pattern. Regardless I need a break above to get involved.
Comment: While the price may have hit a turning point. Indications of a further drop are in play.
Look to the DXY for help. It appears to want to move up more but also showing signs of topping. A strong move down of the DXY will most likely mean a reversal.
Momentum is still on the side of both. Look for a shift in momentum.
Comment: It appears the breakout might be starting for a strong upward. Be vigilant it may be a HTF correction for a push down a bit more but we are looking to go to the blue dotted line for a start. Another indicator is the price turned exactly where I drew the down arrow to.
A breakout here would be divine! Fortunately I managed to get out at the high of the day.. need more reasons to get back in ;) Good chart!
nahidik lukelehepuu
I hear you. It could crawl down to 16. but if I see a strong impulse up out of the zone I'm in.
+1 Reply
maybe over the next few weeks, would help if we got a big selloff in equities, perhaps like we did when we opened last night!
DownUnder nahidik
Please let us know when you notice the strong impulse up and out of the zone.. :)
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