Silver has been on a strong obvious uptrend since May and broke a weekly TL resistance beginning of August.
The move higher found resistance at the 19.60 level and has been correcting in a perfect correction waves move in the last few weeks. So Silver is still bullish, however in the shorter term there seem to be a good shorting opportunity building up.
I am looking to short, after NFP, a move up to the 4H TL resistance, which coincides with previous resistance and 61.8 fib of the recent move around 18.05. My target is the bottom channel around 16.20, ,which is also previous support and that weekly TL.
The move higher found resistance at the 19.60 level and has been correcting in a perfect correction waves move in the last few weeks. So Silver is still bullish, however in the shorter term there seem to be a good shorting opportunity building up.
I am looking to short, after NFP, a move up to the 4H TL resistance, which coincides with previous resistance and 61.8 fib of the recent move around 18.05. My target is the bottom channel around 16.20, ,which is also previous support and that weekly TL.
Comment:
Btw, Gold has exactly the same opportunity lining up, I just found the Silver chart to be cleaner.