Silver traded into and reversed off of the line from the July 2016 and September 2019 highs. The rally from the March low is in 5 waves and is confined to a Schiff fork from the low (not shown here but you can draw it in). A break under the lower parallel would indicate a behavior change and suggest that a larger corrective process is underway. An initial level for possible support would be the 4th wave low at 17.02.
Director of Technical Research at Krilogy, author Sentiment in the Forex Market
Twitter: twitter.com/jamiesaettele
Website: krilogy.com/
Twitter: twitter.com/jamiesaettele
Website: krilogy.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Director of Technical Research at Krilogy, author Sentiment in the Forex Market
Twitter: twitter.com/jamiesaettele
Website: krilogy.com/
Twitter: twitter.com/jamiesaettele
Website: krilogy.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.