Fxprotrader
Short

Silver@ Bearish Butterfly Completion At Key Resistance Level

FX:XAGUSD   Silver / U.S. Dollar
After a sharp rally price in silver             is testing a long term resistance level . At that level we have two very important factors which makes me believe that price will sell off. First, we have a completed butterfly pattern (price almost touched the 1.27 level but it's valid to me). At the same resistance level we have a completed 5-3 elliott wave cycle with C wave in the 0.5 - 0.618 fib zone of the 5 impulse waves.

Silveris still in a downtrend and setups like this one are worth involving.

Long term resistance:
snapshot


Like and comment,
John.
Trade closed manually: I will close this trade manually as i expect a pullback
Just Amazing!!
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John thats excellent analysis and chart, very impressive work I think! You've done this before i think lol. Best, J
+1 Reply
i use other forms of analysis and this to me is the moment of a major reversal. Although it is a good analysis i do believe a break above the resistance line is coming and to buy like you've never bought before on the re-test
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Thank you for shearing/ Can i ask you about this indicator?
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Fxprotrader PRO eb0b1852b8a04587a2caaf3b2b02a1
What indicator?
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Thanks for the chart. Allowed me to confirm the short and make a very successful short!
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