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.