Last time we analysed Silver, we identified that we were in a new bullish phase. A bullish wave consists of 5 waves. Waves 1, 3 and 5 are impulse waves and wave 2 and 4 are corrective waves.
We are now in wave 2 of the bullish impulse, which is a correction. The correction we're getting is a 535 correction, which is also known as a zigzag. Wave A has 5 waves, wave B has 3 waves and finally, wave C has 5 waves.
We anticipate that wave B is almost over and looking to catch wave C.
Trade Idea:
- Looking for price to push a little higher before reversing
- Safe entry on break of red trendline
- Risk entry using a lower timeframe risk trendline once we push up a little more
- Stops above price once the red trendline breaks
- Targets: 22.8, 21.5, 20.6
See our last analysis below.
Goodluck and as always, trade safe!
We are now in wave 2 of the bullish impulse, which is a correction. The correction we're getting is a 535 correction, which is also known as a zigzag. Wave A has 5 waves, wave B has 3 waves and finally, wave C has 5 waves.
We anticipate that wave B is almost over and looking to catch wave C.
Trade Idea:
- Looking for price to push a little higher before reversing
- Safe entry on break of red trendline
- Risk entry using a lower timeframe risk trendline once we push up a little more
- Stops above price once the red trendline breaks
- Targets: 22.8, 21.5, 20.6
See our last analysis below.
Goodluck and as always, trade safe!
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