POV: Silver - At the Crossroads of Bullish and Bearish
Silver is currently at a conjunction level where both bullish and bearish signs are present. However, stronger signals lean bearish, and my view aligns with that.
Key Observations:
1️⃣ Complex Head and Shoulders Pattern:
A Head and Shoulders pattern is forming inside the shoulder of another larger Head and Shoulders pattern.
2️⃣ Fibonacci Levels:
The base of both Head and Shoulders patterns aligns with Fibonacci levels of 0.5–0.618.
3️⃣ Target Alignment:
Targets for both patterns converge at the same level, adding weight to the bearish outlook.
4️⃣ Shoulder Target:
The target for the smaller shoulder aligns with Fib levels of 0.764–0.786.
5️⃣ Weekly Divergence:
The higher head and previous swing in the weekly timeframe show divergence.
6️⃣ RSI (14):
SMA(RSI (14),20) falling below 50, signalling weakening momentum.
7️⃣ 200 SMA Breach:
Yesterday’s close fell below the 200 SMA, a critical bearish indicator.
Disclaimer:
For educational purposes only, not financial advice.
Silver is currently at a conjunction level where both bullish and bearish signs are present. However, stronger signals lean bearish, and my view aligns with that.
Key Observations:
1️⃣ Complex Head and Shoulders Pattern:
A Head and Shoulders pattern is forming inside the shoulder of another larger Head and Shoulders pattern.
2️⃣ Fibonacci Levels:
The base of both Head and Shoulders patterns aligns with Fibonacci levels of 0.5–0.618.
3️⃣ Target Alignment:
Targets for both patterns converge at the same level, adding weight to the bearish outlook.
4️⃣ Shoulder Target:
The target for the smaller shoulder aligns with Fib levels of 0.764–0.786.
5️⃣ Weekly Divergence:
The higher head and previous swing in the weekly timeframe show divergence.
6️⃣ RSI (14):
SMA(RSI (14),20) falling below 50, signalling weakening momentum.
7️⃣ 200 SMA Breach:
Yesterday’s close fell below the 200 SMA, a critical bearish indicator.
Disclaimer:
For educational purposes only, not financial advice.
Note
Long Entry triggered, but I will give time to this week closed for positional trade for 96K
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.
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.