Hello Traders,
at Tuesday`s tradingsssion Silver create a "bearish Engulfing" on Daily basis which brought a decline on Wednesday and a short Countertrend move on Thursday. At Friday the next bearish Engulfing occurs on a daily basis. We have to expect one more shortterm move to the downside, maybe a Wave c of 2, on the other hand the second leg down is equal in price to the first leg, which started on Tuesday and it touches the area of a Wave 4 on lesser degree and fullfil the minimum expectation for a flat pattern. A common target for a decline in a Wave 2! More did than often not a ZigZag occurs in Wave 2, so thats why I think one lower low is still ahead.
One likely target surronds the $15.84 area which is the .618 RT of the advance from $15.145 to $16.96 and at this point it maybe will take the pattern of a ZigZag!
As long as the low at $15.145 remains intact, I favor a multiweek advance in a Wave 3 to targets near the $17.74 to $18.65 while topping the high at $16.96 before! Pricing below the $15.145 Level would negate this forecast and turns me neutral!
Have a great Sunday...............
rubennase
Comments and Questions are very welcome...
at Tuesday`s tradingsssion Silver create a "bearish Engulfing" on Daily basis which brought a decline on Wednesday and a short Countertrend move on Thursday. At Friday the next bearish Engulfing occurs on a daily basis. We have to expect one more shortterm move to the downside, maybe a Wave c of 2, on the other hand the second leg down is equal in price to the first leg, which started on Tuesday and it touches the area of a Wave 4 on lesser degree and fullfil the minimum expectation for a flat pattern. A common target for a decline in a Wave 2! More did than often not a ZigZag occurs in Wave 2, so thats why I think one lower low is still ahead.
One likely target surronds the $15.84 area which is the .618 RT of the advance from $15.145 to $16.96 and at this point it maybe will take the pattern of a ZigZag!
As long as the low at $15.145 remains intact, I favor a multiweek advance in a Wave 3 to targets near the $17.74 to $18.65 while topping the high at $16.96 before! Pricing below the $15.145 Level would negate this forecast and turns me neutral!
Have a great Sunday...............
rubennase
Comments and Questions are very welcome...