Silver: Long strides ahead

FX_IDC:XAGUSD   Silver / U.S. Dollar
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!
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.
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