SILVER long term UPside
Updated
Since 5-6 weeks I became a great fan of Elliott Waves theory. However i'm pritty new in this. So I would appreciate ctiticism. ctiticism.
Here is a complex corrective structure ABC - connection to X and Elliot descending triangle corrective pattern. If I am right about that there is next IMPULSE in development.
IF the current move breaks the triangle and goes at least 1-2 pips abouve the D point, than i would wait for wave 2 , which shall retrace wave 1 less than 100% and i would BUY.
Long term orientation - holding potentially for an year with moving SL.
Initial SL 15 or NO SL for those who can afford. Target 1 -20 USD , Target 2 - 30-35 USD!
If the current move does not break the triangle i'm wrong therefore!
REMARK: I totally don't have a clue if the IMPULSE will develop the way it is displayed. The essense here is the 2 wave which could confirm a start of an impulse and opportunity to jump on the train early in the state of development of wave 3.
Here is a complex corrective structure ABC - connection to X and Elliot descending triangle corrective pattern. If I am right about that there is next IMPULSE in development.
IF the current move breaks the triangle and goes at least 1-2 pips abouve the D point, than i would wait for wave 2 , which shall retrace wave 1 less than 100% and i would BUY.
Long term orientation - holding potentially for an year with moving SL.
Initial SL 15 or NO SL for those who can afford. Target 1 -20 USD , Target 2 - 30-35 USD!
If the current move does not break the triangle i'm wrong therefore!
REMARK: I totally don't have a clue if the IMPULSE will develop the way it is displayed. The essense here is the 2 wave which could confirm a start of an impulse and opportunity to jump on the train early in the state of development of wave 3.
Note
I consier this 1st wave to be valid, becasue of the close of the 4h candle at 17.25 yessterday. Though i was expecting this wave to end at least 20 pips higher, now I'm wating for retracement to a zone between FIB 50 and 618. I will be stalling for buys....
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