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.Disclosure:
None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.