Silver could go through the floor

silver bearish momentum

Silver weekly correction continues with the ZigZag in progress as the Y wave. Although multiple alternate counts are possible at this moment of time, it seems of high probability that the current bearish wave is a  wave C.

Whether Y wave should complete with the ABC or the ABC is part of a larger triangle is too early to tell. However, considering the time it has taken for this colossal B wave correction,  we could soon find ourselves counting impulsive 12345 waves to the upside.

Current bearish wave could last for few more weeks. Current target zone for shorts and possible entry zone for long term longs, is between 15.400 –  15.100.

For now, I will look for only short trades in Silver. But this could change anytime if the count or the structure changes.

Clue: Look for wave counts and structures in lower time frames confirming to the larger structure.

Happy trading!

 

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