- Silver prices are converging for a potential breakout - A break below $16.80 offer a decent RR for further weakness - retesting the breakout level - Silver prices can be very volatile - upside on the break above will allow prices to play out a bull flag formation - targeting well above $18.50 But who will prevail? Bull or Bear?
- rather uncanny similarity on the stochastic line - larger trend remains bearish - potential fake dump and pump in process but END GAME is MUCH LOWER - worth watching
- If wave count is right then the advance in dollar may soon revert back - the RSI indicator has been very reliable to suggest a trend change so will keep an eye on the next overbought area here - Indicator says perhaps bull should be cautious here - this may apply to higher USD/YEN for a bit more but those swing traders may need further confirmation on the...
- breakout on either side will produce one directional play - range trade perhaps for now - watching which side it will break - dollar index has rooms higher but how much more
- worth watching the indicator giving the signal of a potential turn - using VIX also as external indicator - invalidated if price broke below 9660 imo - patience on this setup is required though as it is against the current trend
- If previous fractal via the candles and RSI serves right, it may well break above 3020 and trade higher - It remains a strong IF but it looks entirely possible as longer TF will post a strong rebound and bullish candles - With that in mind, the bias is not to short or fade it until a much clearer signal is available - bulls seems adamant to want higher prices...
- often we see broadening formation - repetitive patterns since 2015 as price action continue to chop inside the range - a potential support zone approaching but fail that then 100 weekly MA is the next support which coincide with the downtrend line - Daily RSI is diverging heavily but price still adamant
- Overall indicators have not shown any divergence and price action has yet confirmed - It will be interesting to see how strong this support is at 9800 - 9800 level fits with 61.8% fib and gap fill
- Overhead resistance from the weekly DTL - Invalidate if price broke above 650 and trade above the DTL - Looking for an ABC wave lower and for price action to stay within this bearish down channel - Weekly RSI is overbought - perhaps dead cat bounce is over now - Retest of previous low is possible - Caveat is palladium prices can be very volatile
- bear market rally for a run higher - VIX is holding on to gains but a flush on longs will help SPX higher - SPX to repeat Oct - Dec price action? - using RSI as basis to reload while stochastic reminds us that its in a bearish trend - Trade can go long but risk reward to go swing short looks more appealling
- A rebound to 1074 attracts potential interest for shorts to reload - Risk is 20 while the target is for a retest on the psychological level at 1000 - Risky to bet against the current trend but market looks overbought in the short term
This is just a snapshot - worthy of keeping a close tab in case it break loose as the RR is monstrous
- Wedge like formation could be bullish if this breaks higher - However, one has to monitor the dollar index - further rebound will force weakness in gold - NFP market so watch out for a swing high failure
- Ibex in 5 wave move lower - support at 8360 levels may offer decent RR for a counter trade off the bear flag - need confirmation from the RSI on larger time frames
- Rejection off the top weekly bollinger band - Weekly gravestone doji has legs along with RSI barely hitting oversold - Minor support off 6100 but below that we target the lower BB - Contrarion sees an inverse right hand shoulder in the making which targets 5800 perhaps Updated with potential IHS
- A large head here forming - A period of consolidation will set in but when? - Neckline at 100 psychological level - Target is sub 90 levels
- Price remains constructive to trade higher within the rising bullish channel - Overhead resistance approaching near 1080 - 1100 price levels - Weekly RSI is bullish but overbought - look out for the 100 weekly MA currently at 1121 for resistance too - Looking for a short trade at the top of the bullish channel which coincide with 38.2% Fibo move from 2014...
- Overstretched CFTC longs looks vulnerable - Price is still within this rising channel - Upside risk is $1325 levels - Downside risk reward looking far more viable - Fundamentals remain supportive - NFP play