1.618 times the length of wave (1) added to the end of wave (2) is my target. Stop loss is 1 tick below the low of wave (1). This is a great investment opportunity to add to your medium term portfolio. Very little risk and huge gain potential, just how I like it!
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Last post: November 16th. See chart.
Review: Price was trading above the previous all-time high.
Update: Price is still above that all-time high and continues to look strong.
Conclusion: We need to see a breakout then we will look for long opportunities.
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Much like gold, silver has been beaten down but has now broken the multi month downwards sloping trend line. Market now building a congestion zone and hasnt broken out like gold has... have to wait and see what happens, but a break of the $15 handle is key for silver then look to get long a pullback and trade the market up to $15.50 - $15.60 for 4.5 to 1 returns...
Looking at the wicks where price has on the daily chart, it looks as if price has rejected that point and wants to go down. However, decides to go up and break resistance, you should expect some kind of impulse.
I would wait for weekly close for confirmation of a bounce.
Daily on a RSI bullish divergence
I will add the weekly chart to see what I mean on the 200ma.
Many indicators telling me this will bounce soon so it's either get in early on a riskier move with stop loss or wait till end of week.
Previous resistance can truly become support many times over.
RSI way oversold. price action will determine the rise on lower timeframes.
great opp here, make sure you have a tight stop loss in case it doesn't hold.
Although current trend is uptrend but we forecast a downtrend wave would begin in Midterm.
There is a divergence in RSI and price between the peak at 70.35 on 2018-01-15 and the peak at 80.5 on 2018-05-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
This commodity is featuring for the first time on our TradingView blogs.
Current setup: Price has been in a bull trend since last year. Most recently, price broke out of consolidation in April and trended well to $80.
Conclusion: Price is struggling to break through $80. We will be standing aside until a break and close above $80 to add more long trades.