Silver long term wave analysis and forecast

Price of Silver, one of the most heavily traded precious metals, is at an interesting point. Because of the B wave of the weekly correction is potentially over. Long-term forecasting of the silver chart is no easy task because: the market is currently in years-long B wave correction, there are many possible wave combinations, structures, and patterns within … Read more

Silver could go through the floor

silver bearish momentum

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!

 

Silver heading for open waters?

As we all know XAGUSD (Silver) has been in a corrective structure since 4th of July. The recent highest high was recorded on 4th of July at 21.106. The lowest price of the corrective range was recorded as 19.195 last week, specifically on 21st July. Apparently silver is in a tight sideways move for the last 3 weeks. In which direction should … Read more