SILVER - REVERSAL IMMINENT | BEARISH RSI DIVERGENCE / WEDGE
Silver has been on a parabolic trajectory for the past several weeks to few months. Silver is definitely in a long term bullish setup however I predict a correction before this resumes.
Elliott Wave Analysis:[/I]
VERDICT: Silver to reverse imminently, short position opened with targets being the fibonacci levels. Will hold the position through the short/mid-term and be prepared to long the dip.
- Extreme RSI Levels showing overbought on multiple time-frames
- Bearish RSI Divergence on the hourly timeframes (1H/2H/3H/4H)
- Bearish Ascending wedge break-out and retest
- Local 1H price action lower highs (respecting down-trend line)
- Daily/Weekly Stochastic cross-over at overbought threshold
- Elliott wave 1-2-3-4-5 completion, A-B-C correction waves expected
Elliott Wave Analysis:[/I]
VERDICT: Silver to reverse imminently, short position opened with targets being the fibonacci levels. Will hold the position through the short/mid-term and be prepared to long the dip.
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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.