Daily Update
- We have to point out the resilient silver as it holds above 15.80 levels
- However, we are still unsure if this is the bottom for a reversal or there are more rooms to test lower first
- We will not pick the bottom but will wait for a confirmation
- Note RSI has not reach oversold zone and this could be a potential bear flag formation
- Note the Bollinger band is still heading lower and the daily Mas are rolling over(see 2015 Feb to Apr pattern that suggest further downside is in store)
- Elliott Wave count suggest current price action is a wave 4 and wave 5 has yet to materialise
- Silver need a strong green candle to negate further selling momentum
- We are biased for one more leg down and could potentially target 15.60 and 15.30 levels
- We have to point out the resilient silver as it holds above 15.80 levels
- However, we are still unsure if this is the bottom for a reversal or there are more rooms to test lower first
- We will not pick the bottom but will wait for a confirmation
- Note RSI has not reach oversold zone and this could be a potential bear flag formation
- Note the Bollinger band is still heading lower and the daily Mas are rolling over(see 2015 Feb to Apr pattern that suggest further downside is in store)
- Elliott Wave count suggest current price action is a wave 4 and wave 5 has yet to materialise
- Silver need a strong green candle to negate further selling momentum
- We are biased for one more leg down and could potentially target 15.60 and 15.30 levels