GOOD PROFITS ON SILVER!BUT NOW WHAT?Very good entry on this last counter leg bounce of silver.
A lot of traders ask me now what?
Now the current trend line on hourly chart has lust broken.You can wait for a re-test of the trend line nad short it.
Keep in mind that fundamentals stay unchanged supporting a price near 15$/OZ area.
TECHNICALLY
1.WE CAN SEE THE 61,8% FIB RETRACEMENT OF THE INITIAL DOWNTREND THAT PRICE TRIED AND COULDN'T CHANGE THE MID-TREND UP.
2.MARKET GEOMETRY MEANING THAT IF WE DO THE SAME PROCESS AS WE DID AT MY PREVIOUS ARTICLE WE COPY THE ED RED LINE AND WE TAKE THE E'D' RED LINE THAT OCCURS AND WE PLACE IT AT THE CURRENT BOUNCE.
3.THE PRICE LINE THAT OCCURS IS AROUND 15,300$/OZ AREA THAT IT HAPPENS TO BE THE TOP LINE OF THE DESCENDING MID-TERM CHANNEL.
4.WE HAVE RSI DIVERGENCE ALREADY ON 1H AND 4H CHARTS.
5.STOCHASTICS IN OVERBOUGHT AREA.
6.THE 15,300$/OZ IS ALSO THE 1,618% FIB EXTENSION OF THE LAST E'D' COUNTER TREND BOUNCE WE HAD.
7.AT 15,300$/OZ WE HAVE A STRONG RESISTANCE ALSO AND A BULLISH ADVANCE PATTERN COMPLETION WHICH I WILL POST A NEW ARTICLE SOON.
8.AS WE SEEN AT HISTORY PRICE AFTER EACH SELL-OF RALLY DIDN'T RETRACED ABOVE 88,6% FIB RETRACEMENT INCLUDING THE WICKS SO WE WILL PLACE THE BUY STOP ABOVE THIS AREA.
POSSIBLE TRADE:
FIRST TARGET AT 16,300$/OZ AT PREVIOUS LOW STRUCTURE AND 61,8% FIB RETRACEMENT OF THE UPWARD MOVE.
SECOND TARGET AT 15,300$/OZ AREA FOR THE REASONS MENTIONED ABOVE.
BUY STOP AT 18,100-18,500$/OZ DEPENDS ON RISK APETITE ABOVE PRECIOUS HIGHS AND ABOVE 78,6-88,6% FIB RETRACEMENT OF THE LAST COUNTER RALLY.
THANK YOU FOR SUPPORT!
HAPPY TRADING!
