Hello Traders,
not much new to add, but as long as Silver is trading below $17.24 I favor that a Top is in place and Silver is correcting down in Wave 2 ! Conceivable is a Wave "b" as a Triangle of Wave 2 as shown on the Chart by dashed lines. To fullfil this idea Silver has to trade lower in overnight as shown by the dashed line near $17.- - 16.95 zone and end the move as Wave "d"! After that a bounce up to at minimum the .618 RT (of the Distance from Wave "c" to "d" is needed) to complete the last Wave of a Triangle as Wave "e"! Overshooting the upper dashed linie is allowed and possible, after that a sharp decline is to expect to $16.80 for a Wave C (Circle), depending from which Level Silver will start it`s possible decline (measure the distance from the widest Spread of the Triangle from (a) - (b) and measure down from breakout Level..)! This move would endet as Wave 2 and Silver would be able to the next advance! At $16.805 is the .38 RT of the advance from $16.105 -$17.24
If Silver is not able to break below the $16.88 and rally to $17.215 Silver is moving in a Flat Pattern in a Wave 2 and would decrease the odds for a Triangle!
Have a great evening..
rubennase
Questions and Comments are welcome!
Disclaimer:
Note!---> This Analysis can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!!
not much new to add, but as long as Silver is trading below $17.24 I favor that a Top is in place and Silver is correcting down in Wave 2 ! Conceivable is a Wave "b" as a Triangle of Wave 2 as shown on the Chart by dashed lines. To fullfil this idea Silver has to trade lower in overnight as shown by the dashed line near $17.- - 16.95 zone and end the move as Wave "d"! After that a bounce up to at minimum the .618 RT (of the Distance from Wave "c" to "d" is needed) to complete the last Wave of a Triangle as Wave "e"! Overshooting the upper dashed linie is allowed and possible, after that a sharp decline is to expect to $16.80 for a Wave C (Circle), depending from which Level Silver will start it`s possible decline (measure the distance from the widest Spread of the Triangle from (a) - (b) and measure down from breakout Level..)! This move would endet as Wave 2 and Silver would be able to the next advance! At $16.805 is the .38 RT of the advance from $16.105 -$17.24
If Silver is not able to break below the $16.88 and rally to $17.215 Silver is moving in a Flat Pattern in a Wave 2 and would decrease the odds for a Triangle!
Have a great evening..
rubennase
Questions and Comments are welcome!
Disclaimer:
Note!---> This Analysis can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!!