Posts
Silver Daily Technical Analysis and Outlook:
It has been nearly three months since last update. However now we are at an important price position. We stand close to this end of this move down with the low at 18.20 holding the key. The reason being that this low looks like the bottom of a nice
5 wave elliott wave move. A five wave move is usually followed by atleast another five wave move to complete a correction (at the least) and this latter move is almost equal to the previous five. Remember i am not talking of any bottom in silver here, because for a trader this should never be a concern. Bottom or top the idea is always to know about the next probable outcome of the market and here it looks like we could go higher. Being a trader one has to always have an efficient trade management plan and the one of the key parameters in this to identify the place where the market proves him/her wrong. In this scenario 18.20 seems to be the price point. This observation is not solely based on elliott wave analysis , other indicators and parameters are also assessed. In this we could see a move down to 18.78-18.45 region.
Happy Trading..
0 comments:
Post a Comment