Silver Market near to bottom
Silver got off to a good start and built a clean 5-part move through September 12, where it closed the wave at $20,020 per ounce. Expected after wave is a correction between the 0.618 Fibonnaci retracement and the 0.887 Fibonacci retracement. This area, starting from 18.4$ has silver now expired and with the entry of the territory of the (i) now the alternative wave (iv) excluded.
Silver is expected to change trend direction in the pink trend reversal area and complete the [ii], then continue to rise higher in a wave [iii].
Silver is expected to change trend direction in the pink trend reversal area and complete the [ii], then continue to rise higher in a wave [iii].
Note
The expectations about the silver market described in my previous comments came true. Thus, the price impulsively pushed out of the white (and later more specific red) target zone and built an impulsive wave structure. We are currently in wave (iii) of wave [iii], the most impulsive move in the entire five-splitter. We will at least reach the 1.618 extension at $22.135, but possibly the wave [iii] will extend to the 200% extension at $23.1 or beyond. This will be followed by a wave 4, which will probably be flat and with the highest probability will approach the 0.382 retracement ($20.53). However, there will be more information on this as soon as the price has completed the wave [iii].
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.