Here is my idea on silver .
We have a great opportunity for a C leg.
Make sure you have strict stop losses, mine are: SL: 28.5
Here is take profit targets:
TP 2: 24
TP 3: 23
It’s a high probability trade, so I’m taking profits right at the end $23.
- Could se Zig-Zag pattern form or a Straight move to test previous top, but any how, I leave you with a picture of how to look at The Wave principle.
Plan your trade, trade your plan and trade Safe...
BRK.A appears to have completed the 5 wave elliott wave structure and is showing signs of downward movement.
It seems to be creating a 5 wave structure downwards, which would be the A wave of the corrective cycle.
Wave 3 is currently in progress and I would anticipate some consolidation around the trend line to confirm the 3rd wave continuation to the negative fib...
Here i see an inverted H&S pattern with a impulsive 5 wave Elliott wave completing the head, and an ABC correction starting the right shoulder. I Believe this ABC will once completed, cause a wave 1 completing the right shoulder, wave 2 will be short lived with completion of the H&S pattern which will then be the wave 3 of the next 5 wave impulsive Elliott Pattern.
It can bounce from the 78% (and this is the fib level for a cypher completion point), already with RSI divergence, but i need to believe the price will respect the structure first, then the harmonic, that said, i am waiting a deeper abc correction close to the structure and also an RSI below the lower band at 20's (oversold)