The pitchfork-based channel may guide the identifying of future resistance targets of the strong wave 3 of 3 upmove to be expected.
According to this count, wave 3 of 3 of 3 with high upside potential may have started (depending of the end-of day price, see last analysis). Notice the pressent corrective move just meeting th 38% fib trend channel retracement
If end-of-day price stays above the trendline, a stopbuy above this price might start a profitable long trade
If end-of-day price gets above the trendline crossing, a stopbuy long trade might be profitable above that price.
trendline confluence at 430 $ in september 2018
A lot of stops might be triggered if the price falls below this crossing with a subsequent rapid fall of price
We might be right before the end of the corrective move.
Time to start to re-visit the upper part of the channels. The corretive triangle seems to be almost finished with a fractal set of smaller triangles (see next analysis)
There are 5 important horizontal resistance lines (red). We have a trend channel and presently the price is at the lower area. We made an explosive move beyond an important resistance (1) and now the price was managed to the downside. This in order to trigger some stops to let big money get in...ever so silently on low volume in order not to disturb the price...
Price dynamics (see RSI divergence, for example) indicates a good setting for a stop buy order at around 8310.
Every move away from the central red line was preceded by a smaller move in the same direction. Now this smaller move is again terminated by rejection by the red line and a big move down might follow. a first sign would be the rapid crossing of the 20 EMA (middle line of the Keltner channel).
only one -the weakest and shortest- trendline still gives support (red)
Some internal trendlines may hint to a spectacular decline of the price of silver.
Trendline support and measured move indicate next target 120 USD.
RSI divergence means a probrable sustained downmove. 62% of wave 1 targets 7.5 Cent. A bif iSHS pattern would form hinting to much higher prices in the future. Smart money still cautiously tries to buy in, but slowly volume is rising. 8 cent would be a tremenous oppertunity to buy in.