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Is The Silver Downtrend Finally Over?

By CommoditiesMar 27, 2013 12:04PM GMT 2 Comments
Is the downward trend in Silver over? The recent sideways movement in Silver is more probable to be corrective than a start of a new upward move.

Silver is most probably going to start another leg downward soon, likely towards $27. Our members received this last Friday:

If support shown in the above chart is broken downward, then prices will make new lows toward $27. This is our most probable scenario as there is no clear upward impulsive move. Nevertheless, the longer term Elliott wave count makes us expect a wave E bottom soon.

We will not go long based just on that. We would first want to see resistance levels broken and impulsive upward moves. Until then we are downward biased on Silver trades.

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Jim Beale
Jim Beale Mar 28, 2013 12:21AM GMT
Very nice trade. I went long about the same place. I expect some follow-on from today's bullish reversal hammer. That was a pretty good bounce.

Jim Beale
Jim Beale Mar 27, 2013 02:44PM GMT
The risk/reward ratio for a short position is not very favorable at this point.
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