I have never done a overall forest picture of silver. So i guess it is time to do one
Judging from the few parallel lines, if price get rejected by the uptrend line, i am thinking at number 8-8.5
Sound crazy i know
Elliot Wave. Constructed initially 3 weeks ago & has followed closely. Continuing to follow this pattern takes us towards $18, possibly the $18.51 109% fib indicated on the chart.
Silver Monthly possible Inverted H&S on break out 18.175 , Possible Target 22-24 in next 4-6 months. Supported By long rounding bottom same time so this correction already over near 15.75-15.78 Silver once fundamental kicks in will most bullish commodity.
Broke the 61.8% retracement and close to the 50%, techs calling the oversold levels. Looking for the finish of the C wave down to start another impulsive wave up.
Silver seems to have completed 1,2 and we are finishing minor wave 1 of 3 @ current level..Should see some down moves in silver next week to complete minor wave 2 of 3....Strategy: short on any weakness tgting 16.5-15.8
H4 : Watch out, we are turning off of h4 demand zone, selling opportunities must be very short-term
H1: H1 original supply zone just above us
15MIN: 15min original supply zone inside of an h1 supply area, good for getting short
TP: 1:1 R:R
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Keep your powder dry as silver retraces recent gains. Look for a break or failure of the downward pitchfork (red) for a L position. resistance at 18, target = 18.75. Good trading from MarketIntell.net
A very clean head and shoulders head formed on the smaller time frame. A break below the neck line (red dotted trendline) would open the door to a larger corrective move towards the ascending trend line on the daily chart (As posted on the previous silver chart
