nahidik
Long

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.
snapshot
Comment:
snapshot
Comment:
Silver still looking down
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!
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nahidik PRO 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!
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DownUnder nahidik
Please let us know when you notice the strong impulse up and out of the zone.. :)
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