SILVER IS IN AN AB=CD FORMATION - CHANCE FOR LONG ON RETRACEMENT
Silver / USD seems to be in an AB=CD formation.
It is currently close to a monthly resistance which, in turn, is concurrent to a yearly resistance.
There is therefore, a chance for a substantial retracement, in which case we could go long around the .50 fib. of the last upward movement, with a stop loss right under "C".
Long entry @ 16.57 (if retracement occurs)
Target: 19
SL: 15.77
R/R: 1:3
It is currently close to a monthly resistance which, in turn, is concurrent to a yearly resistance.
There is therefore, a chance for a substantial retracement, in which case we could go long around the .50 fib. of the last upward movement, with a stop loss right under "C".
Long entry @ 16.57 (if retracement occurs)
Target: 19
SL: 15.77
R/R: 1:3