In the longer term bullish Silver but this seems like 2 points that it can begin a correction...the trade shown in the chart is an idea for the first bearish Bat pattern which is near completion. The indicators seem to align with this trade as well. The yellow arrows are just an idea :)
The price finally confirmed the reversal breaking above the resistance.
We got small correction on lower time frame (wave b).
The yellow zigzag shows the anticipated path.
Now the metal aims at 18.28-19.98 according to Fibonacci projections.
Then we should see the larger correction.
And then another leg upside, probably the final before the huge drop...
Since the price has been rejected for two consecutive attepmts below 17.235 and couldn't close above that level, I think there is a probability of another leg down.
Below 15.64 this count would be validated.
It's unpleasant for bugs but we shouldn't be biased and trade what we see instead of what we want.
Futures show volume and it was needed for my chart so I prefered it to spot xagusd
Very clean chart formation.
Looks like it shows the finish of correction.
Volume and MACD confirm wave 3 in Ending Diagonal.
Break above the upper trendline would confirm the reversal.
Price is slightly above 78.6% Fib which is very common for ABC corrections.
Price action can take...
This is simple Cup & Handle pattern setup.
We are in a Handle already.
Breakup of the Lip would validate longs above $17.24.
Target = Lip (17.24) + Depth of the CUP (1.086) = 18.318
Right at that area there is a double resistance - 09NOV low + Falling trendline
Some traders enter long on the break of the Handle, which is the first resistance.
Anyway one should...
