Looking back, we can see how Silver has left the wedge (yellow), crossed the support (fib retracement at 15,44$) and stayed for a while between two swing trend lines, forming a new, little trend channel (grey).
When crossing at new the long desending trend line (~14,6$), it regained force and rose up within a fast rush, breaking the fib retracement to the top and reentered the mentioned wedge.
If this movement has been a false breakout to the bottom, what will come next?
To give more bullish signals, Silver has to leave the traingle to the top, crossing the upper limit formed by the long falling trend line.
Once it´ll has done it, the next resistance will be the fib retracement 38,2% at 16,5$.
Taking the spread of the wedge as relative size, Silver could have the fib retracement 61.8% at 18.32$ as next aim.
In between we find another swing trend line on 17.21$.
I´ve drawn a hypothetical EW-move.
No trading advice!
When crossing at new the long desending trend line (~14,6$), it regained force and rose up within a fast rush, breaking the fib retracement to the top and reentered the mentioned wedge.
If this movement has been a false breakout to the bottom, what will come next?
To give more bullish signals, Silver has to leave the traingle to the top, crossing the upper limit formed by the long falling trend line.
Once it´ll has done it, the next resistance will be the fib retracement 38,2% at 16,5$.
Taking the spread of the wedge as relative size, Silver could have the fib retracement 61.8% at 18.32$ as next aim.
In between we find another swing trend line on 17.21$.
I´ve drawn a hypothetical EW-move.
No trading advice!
Trade active
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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.
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.