We already discussed the possibility of a count involving a lower low in silver (link in description).
After a long distribution in the white range, silver dropped overlapping the price territory of first leg up, therefore invalidating the possibility of an impulse to the upside.
Now we are again at resistance, and price may form a lower high.
In this case, silver may activate the blue bearish wolfe wave and turn lower again.
We are short from @23.85, and we already put our sl on entry.
Will update below
GMR
After a long distribution in the white range, silver dropped overlapping the price territory of first leg up, therefore invalidating the possibility of an impulse to the upside.
Now we are again at resistance, and price may form a lower high.
In this case, silver may activate the blue bearish wolfe wave and turn lower again.
We are short from @23.85, and we already put our sl on entry.
Will update below
GMR
Note
closed on entry, next strike at trendline
Note
Order placed: @24.25
Order cancelled
smart money signalling breakout: more odds in favour of the bullish count.
Setup canceled
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Related publications
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.