Silver Long
After breaking out from the descending wedge we got stopped at the 0.5 Fib level- 1st yellow arrow -
Some profits taken there , I was hopping we will retest back on the top of the wedge , but it seems that we are forming a bull flag,
Measure move up will be the length of the pole and that will send us straight to the 0.786 Fib level- third yellow arrow -
There is though some significant volume exchanged on levels before that in the past and around the 0.618 - second yellow arrow - Generally I am bullish on this .
After exiting on the 0.5 Fib level , I got back on the trend while in the flag but will exit my position if I see we hang around current levels longer, since that will cancel the flag and probably send us back on the top of the wedge that price broke out from. That point will be where my entry in a pull back scenario will be.
Some profits taken there , I was hopping we will retest back on the top of the wedge , but it seems that we are forming a bull flag,
Measure move up will be the length of the pole and that will send us straight to the 0.786 Fib level- third yellow arrow -
There is though some significant volume exchanged on levels before that in the past and around the 0.618 - second yellow arrow - Generally I am bullish on this .
After exiting on the 0.5 Fib level , I got back on the trend while in the flag but will exit my position if I see we hang around current levels longer, since that will cancel the flag and probably send us back on the top of the wedge that price broke out from. That point will be where my entry in a pull back scenario will be.
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