This is an update to the revision of my Silver analysis a small month ago. I will try to do more frequent updates from now on.
Yesterday's and today's price action leaves, in my opinion, zero doubt that we left behind a long-term market bottom. I think the large ABC correction is behind us. The market found support at the trend line that was established earlier this year and the 200 SMA. If my analysis is correct, then we could now be at the start of a huge 3rd wave up. The first leg took us from a little less than 14$ per ounce all the way up to a little more than 21$ at the top.
Look for stabilization above the resistance line I drew; this could provide a very lucrative long-term long position!
Trade with care and always respect your stop-loss!
Yesterday's and today's price action leaves, in my opinion, zero doubt that we left behind a long-term market bottom. I think the large ABC correction is behind us. The market found support at the trend line that was established earlier this year and the 200 SMA. If my analysis is correct, then we could now be at the start of a huge 3rd wave up. The first leg took us from a little less than 14$ per ounce all the way up to a little more than 21$ at the top.
Look for stabilization above the resistance line I drew; this could provide a very lucrative long-term long position!
Trade with care and always respect your stop-loss!
Comment:
The retest of the 18$ breakout level yesterday is perfectly normal. The consequent bounce of this level supports the assumption that silver is breaking out.
